Posted on: 10th Apr, 2011 05:55 pm
I recived 1099-c ror property wich was close as deed of lieu.box 2. 89,132,00 and all boxes is empty but last one fmv 33,ooo . What amount is taxibile:diference from this t
wo or amount when is this two numbers is suptract.
Thet was investment property ,but never was rented ,family member lived in for two years.Help please,thank in advance.
wo or amount when is this two numbers is suptract.
Thet was investment property ,but never was rented ,family member lived in for two years.Help please,thank in advance.
hi dragan,
in case of a deed in lieu of foreclosure, the lender will forgive the deficient balance resulting from the sale of the property. you will be liable for paying the taxes for the forgiven debt amount. the deficient balance is the mortgage balance minus the sale price of the property. however, depending upon the mortgage debt relief act, you may not have to pay the taxes.
thanks
in case of a deed in lieu of foreclosure, the lender will forgive the deficient balance resulting from the sale of the property. you will be liable for paying the taxes for the forgiven debt amount. the deficient balance is the mortgage balance minus the sale price of the property. however, depending upon the mortgage debt relief act, you may not have to pay the taxes.
thanks