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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.

Thanks
Posted on: 31st Mar, 2011 08:19 pm
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