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i received a 1099 c on a foreclosed home in florida for almost 200k. we were going to move there at one point but changed our plans and stayed in california. The house was foreclosed about 8 months later. Now i received this 1099, and worried. what do i do and do i get taxed on this? we have no money and barely can get by as is.

jameshogg · Posted: Mon Feb 02, 2009 12:25 am Post subject:

Hi guest,

Welcome to the forums.

I think there has been some kind of deficiency when the house was sold off in foreclosure. Since the home sale proceeds weren't enough to recover the lender's money, the lender has forgiven the remaining part and sent you a 1099C form. It does not mean that you'll have to pay taxes to the IRS. There are conditions under which you may not have to pay tax. Know more... .

However, even if you may not have to pay tax, the lender has sent this form to get it signed by you such that he can send it to the IRS thereby mentioning that there has been a loss for the lender.

Thanks

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1099 c on second home in forida

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