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1098 with a 1099-C

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greeneyedweaze Joined: 16 Apr 2011 Posts: 1 1.26 Dollars($)	Posted: Sat Apr 16, 2011 3:27 pm    Post subject: 1098 with a 1099-C Like 0 Dislike 0 I received a 1099-C from the short sale of my primary residence (FHA) in the amount of $165K. I also received a 1098 for the interest in the amount of $30K. Can I claim this deduction?
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Sun Apr 17, 2011 8:04 pm    Post subject: Like 0 Dislike 0 Welcome greeneyedweaze, As far as 1099c is concerned, you will be liable for paying the taxes on the forgiven debt. However, depending upon the Mortgage Debt Relief Act, you won't be liable for paying taxes. As far as claiming deductions is concerned, contact a CPA or a tax adviser and take his/her opinion in this matter. _________________ Procrastination is the enemy of your financial success

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