Posted on: 30th Jan, 2012 02:47 am
i had a settled a second mortgage. i stated to them that i wanted a letter that it was paid in full and get a full release on the lien. now, i have received the letter in the mail which says that the loan has been paid in full, release of lien etc. but i also received a 1099 in the mail, do i have to claim this on my taxes as income even though i received a paid in full letter?
i think you should inquire from authorities, so that you not get intercepted while qualifying for mortgage.
similar query is asked on the following thread, have a look on it!
http://www.mortgagefit.com/budgeting-finance/1099a-bankruptcy.html
similar query is asked on the following thread, have a look on it!
http://www.mortgagefit.com/budgeting-finance/1099a-bankruptcy.html
Hi Clooney,
I guess a portion of your mortgage was forgiven by the lender. In such a situation, you will be liable for paying taxes on that forgiven debt and you will have to claim it on your taxes.
I guess a portion of your mortgage was forgiven by the lender. In such a situation, you will be liable for paying taxes on that forgiven debt and you will have to claim it on your taxes.
You can also talk to the loan companies of your bills and see if they will cut you some slack .
:idea:
:idea:
