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MShore
MShore, Attorney
Category: Legal
Satisfied Customers: 25285
Experience:  Negotiate, Draft, and Review many complex commercial agreements each year.
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my house was foreclosed on last year and i recieved a 1099a.

Resolved Question:

my house was foreclosed on last year and i recieved a 1099a. i owed 177 000 0n the house and it sold for 42000 in the state of florida does that mean i have to pay taxes on the difference. this was my primary home.
Submitted: 5 years ago.
Category: Legal
Expert:  MShore replied 5 years ago.
Thank you for the post, I am happy to assist you by answering your questions. Yes, it does. the bank is sending the 1099 representing that sum is forgiven, and by virtue of it being forgiven it is considered income to you. Please let me know if you need additional guidance.
Customer: replied 5 years ago.
even if it was my primary residence? is there any way to appeal and not have to pay?
Expert:  MShore replied 5 years ago.
Yes, FL permits lenders to pursue deficiency judgments on foreclosed primary residences. Regrettably whether to issue a 1099 is solely in the lender's discretion, and without recourse.
Customer: replied 5 years ago.

Thanks , one last thing do you know the rate at which i would be charged?

 

Expert:  MShore replied 5 years ago.
It really depends on many other factors, chiefly your adjusted gross income.
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