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1099a

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Icon Mini Profile garciaa35





Joined: 20 Aug 2010

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Post Posted: Fri Aug 20, 2010 9:42 pm    Post subject: 1099a
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Hi Jessica,

I bought my house on 2006 live on there until 2007, me and my ex went thru a divorce, now I got a 1099a from the lender.
Debt was 685,000 and its was sold for 495,000. I live in california. Do you think I can qualify for the forgivenes program.
and How much is the tax on this amount if I have to pay?

thanks

Sorry, for my english!!!
Icon Mini Profile Niicss
Niicss




Joined: 03 Oct 2005

Posts: 4831
Location: New Jersey
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Post Posted: Mon Aug 23, 2010 3:20 am    Post subject:
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It will depend upon your lender whether or not he would forgive the balance dues. You can negotiate with the lender and request him for writing off the balance dues. If it is your primary property, then you won't have to pay the taxes on the forgiven amount. It will forgiven as per the Mortgage Debt Relief Act.
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