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For schedule D. My second mortgage is listed as "charge-off"

For schedule D. My...
For schedule D. My second mortgage is listed as "charge-off" on my credit report. Law firm is suing me for monetary damages. Do I check it as disputed?
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Answered in 1 hour by:
9/6/2012
MyVirtualCPA
Category: Bankruptcy Law
Satisfied Customers: 16,592
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Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

Thank you for your question. If you are currently being sued for monetary damages, then the loan is not forgiven and you do not have taxable income yet. If you receive a 1099-C for this amount while there are still pending legal actions, then you will need to send an explanatory paragraph that states that the loan has not been forgiven and therefore is not includable as income.

Schedule D is for capital gains and losses, which are not calculated on the sale/foreclosure/short sale of a primary residence. Only second homes and rental properties. If this is not a second home or rental property, then you do not need to complete schedule D.

Please let me know if there's something that I am missing in your situation.

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MyVirtualCPA
Category: Bankruptcy Law
Satisfied Customers: 16,592
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Customer reply replied 5 years ago

Thanks for you reply. Question was directed to FiveStarLaw. It is not regarding accounting issues.

Thank you for the positive rating. Please remember me the next time you have a financial question. Simply enter "MyVirtualCPA" in the subject of your question, and it will be routed directly to me. Thank you again for using JustAnswer
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