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1099A - Do you pay taxes if lender sends you this form?

If your house goes into foreclosure and it sells for less than what you owe on the property, there will be a deficiency. As a borrower, you're liable to pay it off. In case, your lender forgives this deficiency, it'll be considered as your taxable income. You'll be sent a 1099-A Form by the lender and you'll have to report the income to the IRS. Similarly, if your lender modifies the terms of the loan and it results in cancellation of a certain portion of the debt, the cancelled debt amount will be taxed by the IRS.

What is 1099A Form and why is it sent to you?

Your lender is required to report the deficiency from the foreclosure or the short sale to the IRS for tax purposes. This is why they send you 1099-A Form, which is mainly for informational purpose. However, if you receive a 1099A Form, it doesn't mean the deficiency has been forgiven. The lender can come after you in future to collect the debt.

If the lender forgives the debt, you'll receive a Form 1099-C. It suggests that the remainder of the debt has been cancelled and the lender will not come after you to collect the debt. You'll be required to report this as your income on the tax return.

Is there an exemption from paying taxes on this income?

If the mortgage is a recourse loan, you will owe taxes to the IRS on the cancelled debt amount. But the Mortgage Forgiveness Debt Relief Act, 2007 does allow you to exclude the cancelled debt amount from your gross income under certain conditions.

However, in case the mortgage is a non-recourse loan, the lender cannot come after you to collect the deficiency. They have to be satisfied with whatever they get from the sale of the collateral. So, even if there's a deficiency, it will not be considered as your cancellation of debt income. Thus, you will owe no taxes to the IRS due to the deficiency on the non-recourse loan.

iT SHOWS WHAT WE OWED AND WHAT THEY SAY WAS FAIR MARKET OR REALY WHAT IT SOLD FOR AT THE AUCTION. SO THE DIFFERENCE WOULD BE INCOME RIGHT? CAN I USE THAT AS A LOST ON MY INCOME TAX FOR MY HOME? NEED HELP

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I live in Florida, I bought my condo which is my primary residence in 2005 for $215 with $70k down on a variable for 30yrs. Took out an Equity Line for $20k a couple years ago. (Both loans originated with World Savings, now owned by Wachovia)
My condo is now worth less than $140k on the market and I still owe on First $160k (original loan of $150k + negative amortization) and $20k from Equity Line. Total $180k
I couldn't afford to pay Property Taxes for 3 years ($7,000) so Wachovia paid them. Now they've added the property taxes debt to my bi-weekly payments and this has increased them to double the amount I've paying religiously and with no problem for the last 5 years.
I'm now in default since December 2010. Before I stopped paying my mortgage I tried to get a modification but was denied on the basis of not making enough. I've tried to make the bank understand to no avail, that I CANNOT afford to pay double what I was paying.
I don't want to lose my home because I invested $70k + lots of more $ on Special Assessments through the years.
I've finally decided to file Chapter 7 because about a year ago I stopped paying my credit cards after my income dropped drastically. I couldn't pay them anymore without asking for more loans from family and my circumstances have not improved as I hoped.
My lawyer is including my property in the bankruptcy but is not telling me what to expect when the bank forecloses. Will I owe the IRS for the difference between what the bank gets when they sell and the $180 I owe them? Or are both loans (First and Equity) discharged and forgiven in Chapter 7?
I thank you for your time.
Marianela

Like | Dislike | Share | Posted: Mon, 02/07/2011 - 19:56 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

You should contact a tax adviser in order to know whether or not you need to draft 1098 form for the buyers. You will be liable for capital gains taxes once you sell off the property and receive a profit from it.

Welcome dd,

As far as I can understand you will receive tax forms regarding that debt and you will have to report on your taxes.

Like | Dislike | Share | Posted: Wed, 02/09/2011 - 21:09

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Marisol,

The payments in the escrow account will be used to pay off the property taxes and insurance payments. Once the property is sold off, if there is an excess amount, it would be returned back to you.

Like | Dislike | Share | Posted: Sun, 08/22/2010 - 21:12

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I sold my home though a short sale in january of 2010. The loan was considered satisfied after the sale and they will not come after me for the amount of the loan that was forgiven. with this said, should i recieve any tax forms this year to report on my taxes?

Like | Dislike | Share | Posted: Wed, 02/09/2011 - 18:30 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Dulce,

Your mortgage balance was not forgiven by the lender and you were liable for the debt. That's the reason why you did not receive 1099c form. As the debt was not forgiven, you won't be liable for any taxes.

Thanks

Like | Dislike | Share | Posted: Tue, 08/17/2010 - 22:39

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Does this appy in Washington State

Like | Dislike | Share | Posted: Thu, 02/17/2011 - 14:40 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Freeman!

Welcome to forums!

If the lender has forgiven your debts, then you would receive a 1099c form from him. I don't think you would be able to claim the Debt Forgiveness Tax Relief unless you receive that form. I would suggest you to contact your lender and ask him to send you the form and then you would be able to claim the tax relief.

Feel free to as ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Thu, 04/15/2010 - 23:37

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I'm confused. We had a primary property in Colorado, had to move to rental in another state (offered a position elsewhere), MN. Received a 1099A, and don't know how to file taxes this year. Will H & R Block know how to deal with this, or do I need to see a lawyer? The FMV is higher than the balance. Is the entire balance taxable, or just the difference between FMV and the balance?
Am I right that the government can treat it as income, tax it, but it's not actually forgiven and the company comes after me? Isn't that a double whammy? How do I claim the Mortgage Forgiveness Debt Relief Act of 2007? Do I do this on the tax return? Can H and R or similar take care of this?

Like | Dislike | Share | Posted: Sat, 03/26/2011 - 14:46 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi JohnG,

You will be liable for paying taxes on the balance amount forgiven by the lender. However, depending upon the Mortgage Debt Relief Act, you won't be liable for paying the taxes on the forgiven debt.

A deed in lieu will lower your credit score by 250 points. Property settlement will lower your credit score further by some more points. Declaring bankruptcy is not a good option in my opinion. Thus, I would suggest you to go for a deed in lieu of foreclosure. It will take some time to rebuild credit. You can check out the given page to know some steps to improve your score:
http://www.mortgagefit.com/credit-rating/credit-repair.html

Thanks

Like | Dislike | Share | Posted: Thu, 10/07/2010 - 22:28

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i just received a 1099-a due to my foreclosure last year and it says i am liable for the whole amount of $500K. how much taxes will i get hit for for an amount of that size? im worried!?

Like | Dislike | Share | Posted: Thu, 01/27/2011 - 07:30 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thanks,

But since we have a California Non-Recourse loan, aren't we exempt from paying taxes? I don't think the MDRA applies to Non-Recourse... I think it only applies to Recourse loans.

Can you explain?

Thanks!

Like | Dislike | Share | Posted: Fri, 07/22/2011 - 14:36 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello,

Our home foreclosed this month, and we were informed by our lendor that they cannot come after us (maybe bc we were first time buyers), but they also said they are sending us a 1099A form. What does this mean? Are we protected by the debt forgiveness act so we don't have to pay taxes? I think we have a non-recourse loan... so wouldn't that make us exempt from paying taxes also? So confused and trying to figure this out before the new year.

Thanks!

Like | Dislike | Share | Posted: Tue, 06/28/2011 - 11:04 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

got a 1099 last year for an abandoment for 2009 and filed in 2010 for 2009 tax year. i got another one this year and the difference in the 2 years is that on the new 1099-a it states thati am not personally responsible for this loan(last years stated i was) and the fmv of property went up/ do i have to file this again

Like | Dislike | Share | Posted: Wed, 02/02/2011 - 07:26 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Kelh,

It will be better if you could contact a tax adviser and take his help in filing your taxes. He will guide you in this regard in a proper manner.

To Empoy,

If the lender has not forgiven the dues, then you are responsible to pay it off. If you pay off the dues, you won't be liable for paying taxes.

To Guest,

If you do not pay off the deficient balance resulting from the property sale, it will be considered as your income by the IRS.

Thanks

Like | Dislike | Share | Posted: Thu, 01/27/2011 - 21:33

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Guest,

As far as I know, the Mortgage Debt Relief Act is valid in Washington State.

Like | Dislike | Share | Posted: Thu, 02/17/2011 - 22:22

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome jk,

If the property was foreclosed by the lender, then you will surely receive a 1099a form. You won't receive a 1099c form as it was a refinanced property. You will be liable for paying the deficient balance resulting from the sale of the property.

Like | Dislike | Share | Posted: Wed, 03/14/2012 - 01:38

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am walking away from a triplex as of Feb 1. It's been on the market for 3 yrs-no buyer; my income is SS check and a Retirement benefit from deceased husband; I own a home, a vehicle (worth $4000). No other assets. Amt Owed $90,500. If it does sell, it would probably sell in neighborhood of $70 - $60...are you saying that the difference of 20-30 Thousand would be income to me? ? :?: :!:

Like | Dislike | Share | Posted: Thu, 01/27/2011 - 09:59 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome graciesfire,

Your query has been replied to in the given page:
http://www.mortgagefit.com/budgeting-finance/about49265.html#201300

Take a look at it. Hope it helps you.

Like | Dislike | Share | Posted: Sun, 02/06/2011 - 22:05

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Spinner,

A rental property can go for deed in lieu of foreclosure. However, the deficient balance resulting from the sale of the property may not be forgiven.

Thanks

Like | Dislike | Share | Posted: Mon, 07/05/2010 - 22:26

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You will have to contact a CPA and he or she will guide you whether or not you’ll be liable for filing the 1040 form.

Like | Dislike | Share | Posted: Mon, 03/07/2011 - 21:58

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If we ask for a deed in lieu of foreclosure, are we freed from the debt of the mortgage and of the [url=http://www.mortgagefit.com/home-equity.html]home equity loan[/url]?

Like | Dislike | Share | Posted: Mon, 01/18/2010 - 08:57 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i had a house fire and lost everything i had a tv finace threw dell insurance only payed half of want i owed and dell forgave the rest got a tax paper saying dell turn in 1100.00 dollars as a lost how much taxes will in have to pay on the 1100.00

Like | Dislike | Share | Posted: Sun, 01/29/2012 - 07:51 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi pamsusie!

Welcome to forums!

Your daughter can give the deed to the lender but her ex-husband has to agree to it. Though his name is not on the mortgage, his name is on the property deed. This makes him one of the owners of the property. So, he will also have to agree to the surrender of the property.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Thu, 02/10/2011 - 21:00

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

The lender can forgive the deficient balance resulting from the sale of the property. In that case, you will receive a 1099c form and the forgiven balance will be considered as taxable by the IRS. But depending upon the Mortgage Debt Relief Act, which has been extended, you may not have to pay any taxes.

Thanks

Like | Dislike | Share | Posted: Sun, 02/17/2013 - 23:09

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi bluedream!

Welcome to forums!

If you're not the concerned person, then you won't be liable for paying off the taxes to the IRS. Contact a CPA in this matter and take his opinion in this regard.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Mon, 03/28/2011 - 22:51

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Carla,

You won't have to pay any taxes for the money that you received as a cash out. The cash out money was given to you as a loan and when your property was sold off, it was recovered by the lender.

Thanks

Like | Dislike | Share | Posted: Tue, 10/05/2010 - 23:33

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I received a 1099A and I am liable for the repayment of the debt, I am in the state of Florida, what can I do.

Like | Dislike | Share | Posted: Tue, 02/25/2014 - 08:06 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i file bankruptcy 2 yrs ago the mortgage was part of it there was no reaffirment pay the mortgage volintary now im behind on mortgage im doing a deed in lieu with them will i have have read that the amou nt forgive is taxable is this true

Like | Dislike | Share | Posted: Sat, 11/12/2011 - 04:19 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

1099a or 1099c
Is there a irs form to cancell a 1099a

Like | Dislike | Share | Posted: Fri, 08/06/2010 - 22:38 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

hi jessica do i need to fill out 1040 schedule d my bal was more than market value on the 1099a and condo was surrendered thru bankruptcy before foreclosure

Like | Dislike | Share | Posted: Mon, 03/07/2011 - 14:13 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi yulanda!

Welcome to forums!

If you lost your home to foreclosure and if the lender had forgiven the deficient balance, then you will be liable for paying taxes on that forgiven debt to the IRS. The forgiven debt will be considered as your income.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Thu, 01/26/2012 - 22:52

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

What is the IRS form #>

Like | Dislike | Share | Posted: Fri, 08/06/2010 - 22:51 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

What is the IRS form# to cancell the 1099A?

Like | Dislike | Share | Posted: Fri, 08/06/2010 - 22:54 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We are considering a deed in lieu instead of letting our home go into forclosure. The bank has requested bank statements, pay stubs, past tax returns, and up to date financials for us. How will this be used to determine whether we are approved for a deed in lieu? Is there a "rule of thumb" for qualifying in regards to the appraised value of the home compared to the mortgage amount?

What are the factors the bank considers when approving or denying a DIL? If the DIL is denied, will giving the bank all those documents hurt us later in the forclosure process?

Like | Dislike | Share | Posted: Thu, 12/23/2010 - 15:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Consult a tax adviser and take his/her opinion in this regard.

Like | Dislike | Share | Posted: Mon, 01/23/2012 - 02:53

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Betsey!

Welcome to forums!

It is a better option to go for a deed in lieu of foreclosure rather than letting the lender foreclose the property. Your deficient balance will be forgiven by the lender. Depending upon the state laws you'll not have to pay any taxes on the forgiven amount.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Thu, 01/07/2010 - 21:01

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome downeysr,

You are not liable for paying any deficient balance to the lender. But as far as I know, you may have to pay taxes for the deficient balance that is forgiven as it will be considered as your income.

Like | Dislike | Share | Posted: Mon, 11/14/2011 - 22:35

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest!

Welcome to forums!

After a deed in lieu of foreclosure, you'll be liable for paying the past due maintenance costs but you won't be liable for paying the deficient balance resulting from the property sale.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Tue, 02/22/2011 - 21:31

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi there,
I bought a condo for 170K about 3 years ago. Because of my financial situation, I put the condo on the market back in February (currently it is on the market for 80K). I stopped making payments last month (August) and I am thinking to do a deed in lieu soon (October). My question is - if I will be able to get a job now, am I still going to qualify for deed in lieu; is the lender still going to forgive my debt and excluded me from the property taxes OR should I wait couple more months before I will take on any job just to make sure that the lender will not come after me. (WA State). [Can you have a job and still qualify for deed in lieu?]

Thank you,
Jeanine

Like | Dislike | Share | Posted: Tue, 09/07/2010 - 12:58 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I asked a question and noticed that many have responded the same day about their questions, can someone please help?

Like | Dislike | Share | Posted: Mon, 07/26/2010 - 09:53 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Andrea,

The lender/bank wants to check whether or not you have a financial hardship. Unless you convince your lender about your financial hardship, the lender will not be ready to approve your request for a deed in lieu of foreclosure. I don't think giving the required documents will hurt you during the foreclosure process.

Thanks

Like | Dislike | Share | Posted: Thu, 12/23/2010 - 20:19

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi june robbins,

The IRS won't see the forgiving of deficiency balance in short sale or a deed in lieu of foreclosure as anything else. If the lender forgives the deficient balance, then you will be liable for paying off the taxes for that forgiven amount. However, depending upon the Mortgage Debt Relief Act, you won't be liable for paying any taxes on it.

Thanks

Like | Dislike | Share | Posted: Thu, 09/01/2011 - 22:30

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

if i do the deed in lieu am i responsible for overdue maintence costs or common charges?

Like | Dislike | Share | Posted: Tue, 02/22/2011 - 16:32 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

listed my home for short sale. 1. I am underwater owe 265.000, listed 119.000, no second. 2. does home need to be sold by dec 2012 to qualify for debt forgiveness? Or do I qualify when I list? What about deed in lieu of forclosure? What are the chances that this bill will be extended past 2012.

Like | Dislike | Share | Posted: Sat, 07/28/2012 - 09:05 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

When I was going through with my Deed in Lieu Countrywide told me that the price of the house would be the fair market value listed on the 1099. After my Deed in Lieu went through I seen several months later my place sold for way less than the fair market value. When they send my 1099 will they have to list the fair market value on it like they said or can they put the selling price on there?

Like | Dislike | Share | Posted: Wed, 11/11/2009 - 03:06 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

As your debts will be forgiven as per the state laws of California, you won't be liable for paying the deficient balance. So, the question of MDRA does not arise.

Thanks

Like | Dislike | Share | Posted: Sun, 07/24/2011 - 22:45

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

we got 1099a from beneficial but we still live in are home why would they send us this acquisition for property from

Like | Dislike | Share | Posted: Wed, 02/05/2014 - 14:24 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

we got a 1099a acquisition for property from beneficial fouse i live in
or the home

Like | Dislike | Share | Posted: Wed, 02/05/2014 - 14:18 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi lindseylee!

Welcome to forums!

As far as I can understand, as the lender has sent you the 1099-a form, you'll have to file it with your taxes. Nevertheless, you should contact a tax adviser and take his opinion in this matter.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Wed, 02/02/2011 - 20:40

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Is a deficiency forgiveness of debt any different in a short sale than a [url=http://www.mortgagefit.com/deed-lieu.html]deed in lieu of foreclosure[/url]? Does the IRS see it any differently?

Like | Dislike | Share | Posted: Thu, 09/01/2011 - 11:47 | Post subject:

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