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manningfamily2002 · Joined: 15 Feb 2009 Posts: 4 3.04 Dollars($)

We just went through a deed in Lieu of foreclosure in February 2009 on our home in Michigan and the house was handed over to the VA. When I settled on the second mortgage so we could do the DIL it was in November 2008 . I received the 1099-C a week after I submitted my annual taxes so know I have to file this IRS 982 form. The second mortgage was for improvements on the house over the years not debt consolidation etc. As I take it I don't have to pay anything on this do to the mortgage forgiveness debt relief act of 2007 on my house we lived in for 8 years?? I would have to file another 982 for the primary mortgage next year to cover the DIL in Feb 09 so that will cover both mortgages. Do I do a 1040X "amendment" and attach the 982 and 1099-C to it sent it out asap and that's it???? ANy help is greatly appreciated thanks. John

Posted: Mon Apr 27, 2009 4:21 am Post subject:

Hi manning

If the property is your primary residence, then you will get the benefit of the Mortgage Forgiveness Debt Relief Act of 2007. Yes, you'll have to use a 1040x form to amend your tax filing and attach the 982 and 1099-C. You can also contact a tax adviser and take his opinion in this regard.

Thanks.

Niicss · Posted: Mon Apr 27, 2009 4:23 am Post subject:

Hey...it was me above Smile

I just forgot to log in.

manningfamily2002 · Joined: 15 Feb 2009 Posts: 4 3.04 Dollars($)

HI
From what I see all I answer is Lines 1e and 2 of the 982 and attach it to the 1040X would you know if I have to do a financial worksheet and submit with it? Not sure if I can find all the old papers from the home improvements it's been so long and we moved so only knows where everything is. Thanks for your help. John

jameshogg · Posted: Wed Apr 29, 2009 10:17 pm Post subject:

Hi John,

As Niicss has suggested, it would be better if you could contact a tax adviser, he will help you in dealing with the whole issue. I guess, you will have to submit a financial worksheet.

Thanks

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Manning ahve you tried any of the online tax websites?

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Deed in Lieu of foreclosure tax form 982 submission