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1099C Investment Property

Submitted by on Fri, 04/10/2009 - 03:34
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I received a 1099C for a short sale on an investment property. I lost large sums of money purchasing and holding this property for over 5 years. Is there any way to offset the 1099C income with the losses I sustained?


You need to file the 1099C form if the difference in the amount for which you owe the debt and the amount for which your house has been sold under short sale exceeds $600 and you are exempted from paying the amount by the creditor. Not only this, you need to pay tax on that amount and if you fail to pay the tax, the IRS can even garnish your wage.
I don't think that you can claim the loss which you have made in maintaining the property.


Submitted by jstn.credit on Sat, 04/11/2009 - 06:00

jstn.credit

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