1099c
Date: Fri, 03/04/2011 - 20:17
my primary residencehere in arizona was short saled last july 2010. i had a 80/20 mortgage. i received a 1099 c from my first mortgage and a 1098 from my second mortgage,my questions are these...1. on my 1099c box no 5 was marked yes if borrower was personally liable for repaymentof the debt. when i asked them they don't know the answer and i was told to discuss it with my tax preparer...do i have to insist and ask for a correct 1099 since az is a non recourse state? 2. my second mortgate says that law allow them 5 years b to issue 1099 c..will i get affected since the mortgage of 2007 is only until 2012.thank you very much.. ive been researching and keep on getting conflicted answers.
Arizona is a non-recourse state. So, I think that the box no 5 i
Arizona is a non-recourse state. So, I think that the box no 5 in the 1099-C should be checked as "NO" instead of "Yes". As far as the second mortgage is concerned, you should talk to your tax preparer regarding this issue.