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 Posted: Wed Feb 06, 2008 11:53 am Subject: Short sale tax question |
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I know the Mortgage Relief Act was passed which is awesome! That will give much relief to those of us who went thru a short sale or foreclosure. My question is-are lenders still suppose to send out 1099c's? I closed in October '07 and really want to do my taxes but not sure if I need to wait for that.I already got my 1098 from them but that was it. I called the lender to inquire about the 1099-what a joke. They knew nothing and told me to call the IRS. Yeah, OK.
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girlndebt
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| Posted: Wed Feb 06, 2008 10:52 pm Subject: Short Sale |
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I did a short sale in November 2007 and I received
a 1099 C after I had already filed my taxes.
When I called the IRS they said it is counted
as income the money that was forgiven, in my case over
$20,000. Well I didn't even make that much last years
so I may just see what they do next. I am not doing
an amended return yet.
I don't think they should be albe to count it as
income when I didn't earn any of it.
Oh well, that is just my opinion, if they forgave
any of your loan they should have sent a 1099 C
I am from Florida.
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short sale
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| Posted: Thu Feb 07, 2008 5:22 am Subject: Short sale tax question |
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I am from Florida too! I live in South Fl.
I was worrying so much about this yesterday, I called the IRS last night and wasted all night on the phone asking questions. I am like you, last year we had a very bad year and did not make much. My loan was for 300K-we sold for 275k.I was told to call back AFTER 2/15 if I still didn't get a 1099c but there is a chance I may not be getting one at all??? I can't seem to get any straight answers. I am to the point that I need my money, I need to file my taxes to get it. I am making one more call tonight to the lender and if I get the same stupid answer-I am just documenting who I spoke to and filing. I am sure they will have answers quickly when they go to audit me!
It was funny, when I called, no mention of the law that was just passed to help us. I had to mention it.
Good luck with your situation! This stinks.
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girlndebt
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| Posted: Thu Feb 07, 2008 10:07 pm Subject: |
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Go ahead and file. If a 1099 shows up late, you can always file an amended return [1040X].
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unclewulf
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| Posted: Fri Feb 08, 2008 9:31 am Subject: Short sale tax question |
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Yup, I am gonna file. I have a feeling they are not gonna send one now. Just read somewhere that some of these lenders are being sneaky and turning over the deficiency amounts to collections.Why do I have a feeling mine might be one of them??? Thanks for the advice.If it does happen to come, you are right, file an amended return.
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