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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16547
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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I had a house reposted 8 years ago.It was not my primary

Customer Question

I had a house reposted 8 years ago.It was not my primary residence.I received a 1099 for the 2nd mortgage unpaid amount.what are my options ? Thank you , R Victor Conlin
Submitted: 9 months ago.
Category: Tax
Expert:  Megan C replied 9 months ago.

Victor,

You exclude the amount from income, since it was your primary residence.

Please let me know if you need anything additional. If not, please rate positive.

Customer: replied 9 months ago.
Megan, it was not my primary residence.I .thanks R Victor Conlin
Expert:  Megan C replied 9 months ago.

In that case, the amount of debt should be included in your income, unless you are insolvent. If you are insolvent, it can be excluded

Insolvent means you have more debt than assets.

Please let me know if you need anything additional. If not please rate positive.

Customer: replied 9 months ago.
Megan is great .I hope my questions don't bother her
Expert:  Megan C replied 9 months ago.

Your questions don't bother me -- but I don't see any additional questions -- I had said that you could exclude the debt from your income if you are insolvent.