Posted on: 05th Aug, 2011 10:58 am
I have received Form 1099-A from 2nd mortgage, but not 1099-C, how do I file the debt canceled ?
Box 1 4/2010
Box 2 202,000.00
Box 4 160,000.00
box 5 addresss of property
The date 4/2010 was the foreclosure sale date, and the 2nd mortgage lender received 40,000.00 from sale proceed. How do I calculate the taxable income from debt cancel ?
Box 1 4/2010
Box 2 202,000.00
Box 4 160,000.00
box 5 addresss of property
The date 4/2010 was the foreclosure sale date, and the 2nd mortgage lender received 40,000.00 from sale proceed. How do I calculate the taxable income from debt cancel ?
Hi MDN!
Welcome to forums!
Are you sure that your debt has been canceled? You should contact the 2nd mortgage lender and clarify whether or not the debt has been forgiven/canceled. If the lender says that the debt has been canceled, then you should ask him to provide you with 1099c form.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Are you sure that your debt has been canceled? You should contact the 2nd mortgage lender and clarify whether or not the debt has been forgiven/canceled. If the lender says that the debt has been canceled, then you should ask him to provide you with 1099c form.
Feel free to ask if you've further queries.
Sussane