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Guest

I bought a preconstruction home a few years ago and was thinking about relocating. Then the market crashed & the home was upside down in value before it was even ready for closing... the builder agreed to a deed in lieu of foreclosure. I just received 2 yrs after the deed in lieu a 1099C. Do I have to pay taxes on this?

jameshogg · Posted: Wed Feb 03, 2010 8:15 pm Post subject:

Hi Guest,

If your debt has been written off by your creditor then you may receive a 1099-c form from him. This amount will be considered as an income on your taxes because you never paid it back. Thus, you'll have to pay taxes on it. However, depending upon the Mortgage Debt Relief Act, you may not have to pay the taxes on the forgiven debt.

Thanks

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1099-C