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How does a foreclosure affect your income tax filing the next year

Sub: #1 posted on Mon, 11/17/2008 - 22:07

phoenix phoenix
(Posts: 1445 | Credits: )

If your home was foreclosed on and you did not get a short sale or deed in lieu of foreclosure, do you claim the amount of forgive debit on your taxes

Sub: #2 posted on Sat, 02/07/2009 - 17:44


I didn't get anything saying the debt was forgiven--but we are filing bankruptcy to write itoff this year anyway. I do now know that from now til 2012--the irs is forgiving the income tax onforgiven debt for foreclosures. So I wouldn't haveto pay taxes on forgiven debt anyway.

Sub: #3 posted on Sat, 02/07/2009 - 22:09


Bankruptcy is an exception to the Inclusion of Discharged debt to income.

Sub: #4 posted on Mon, 02/09/2009 - 08:38

Flyingifr Flyingifr

(Posts: 56 | Credits: )

I sold my home in a short sale last year and I had an FHA loan. My processor told me that I would not get a 1099 given the circumstances of a FHA loan. I guess the debt is just forgiven. In this case, is there any income tax relief at all for this?

Sub: #5 posted on Fri, 02/13/2009 - 07:57


Hi, I received a 1099-A for my property from my 2nd mortgage, but my home never foreclosed. What should I do with this?

Sub: #6 posted on Sat, 02/06/2010 - 14:03


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