georgia taxes
Date: Tue, 04/27/2010 - 14:32
Can a present homeowner write the difference between the accepted payoff and the original payoff on his taxes and how?
If the lender has forgiven the amount, it would be reported to t
If the lender has forgiven the amount, it would be reported to the IRS as your taxable income. A 1099 c form would be issued. However, if your state offers tax relief on the forgiven amount under the Mortgage Debt Relief Act, then you might not have to pay taxes on the balance.
