Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

1099C in California

Posted on: 31st Mar, 2011 04:29 pm
In December 2008, my house was short sold for less than I originally bought it for. Lost my job. I was sent a 1099C with a difference of what the house sold for. I reported it to the IRS and had to pay it in taxes. Am I obligated to be "compensated" for what I paid in due to the Mortgage Forgiveness Act of 2007? Can I file a form 982 with an amended tax return for that year and get compensated?
Please let me know. Your help would be highly appreciated...Thanks!

Hi Hedn4daborda,

If your primary property got sold off at a short sale, then you will be able to claim the tax refunds as per the Mortgage Forgiveness Act of 2007.

Posted on: 31st Mar, 2011 08:19 pm
Page loaded in 0.108 seconds.