Posted on: 20th Apr, 2009 07:12 am
we just went through a deed in lieu of foreclosure in february 2009 on our home in michigan and the house was handed over to the va. when i settled on the second mortgage so we could do the dil it was in november 2008 . i received the 1099-c a week after i submitted my annual taxes so know i have to file this irs 982 form. the second mortgage was for improvements on the house over the years not debt consolidation etc. as i take it i don't have to pay anything on this do to the mortgage forgiveness debt relief act of 2007 on my house we lived in for 8 years?? i would have to file another 982 for the primary mortgage next year to cover the dil in feb 09 so that will cover both mortgages. do i do a 1040x "amendment" and attach the 982 and 1099-c to it sent it out asap and that's it???? any help is greatly appreciated thanks. john
Hi manning
If the property is your primary residence, then you will get the benefit of the Mortgage Forgiveness Debt Relief Act of 2007. Yes, you'll have to use a 1040x form to amend your tax filing and attach the 982 and 1099-C. You can also contact a tax adviser and take his opinion in this regard.
Thanks.
If the property is your primary residence, then you will get the benefit of the Mortgage Forgiveness Debt Relief Act of 2007. Yes, you'll have to use a 1040x form to amend your tax filing and attach the 982 and 1099-C. You can also contact a tax adviser and take his opinion in this regard.
Thanks.
Hey...it was me above :) I just forgot to log in.
HI
From what I see all I answer is Lines 1e and 2 of the 982 and attach it to the 1040X would you know if I have to do a financial worksheet and submit with it? Not sure if I can find all the old papers from the home improvements it's been so long and we moved so only knows where everything is. Thanks for your help. John
From what I see all I answer is Lines 1e and 2 of the 982 and attach it to the 1040X would you know if I have to do a financial worksheet and submit with it? Not sure if I can find all the old papers from the home improvements it's been so long and we moved so only knows where everything is. Thanks for your help. John
Hi John,
As Niicss has suggested, it would be better if you could contact a tax adviser, he will help you in dealing with the whole issue. I guess, you will have to submit a financial worksheet.
Thanks
As Niicss has suggested, it would be better if you could contact a tax adviser, he will help you in dealing with the whole issue. I guess, you will have to submit a financial worksheet.
Thanks
Manning ahve you tried any of the online tax websites?