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I have a question regarding the non-renewal of the debt

Customer Question
I have a question...

I have a question regarding the non-renewal of the debt relief act. Are shortsales and foreclosures going to be taxable for 2017, even though the process was started in 2015?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

We started the process of shortsale in May 2015. Citibank took 2 and 1/2 years to do anything and the house was finally sold in a shortsale 2 weeks ago. Tax consequences?? We are both retired and only have social security for income..

Accountant's Assistant: Is there anything else the Accountant should be aware of?

We live out of the country and owed about $198,000 on a property that according to real estate appraisers was worth about $85,000

Submitted: 5 months ago.Category: Finance
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Answered in 4 minutes by:
12/21/2017
Financial Professional: TaxRobin, Senior Advisor replied 5 months ago
TaxRobin
TaxRobin, Senior Advisor
Category: Finance
Satisfied Customers: 17,814
Experience: 15 years of experience in financial advising with emphasis on tax issues.
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Financial Professional: TaxRobin, Senior Advisor replied 5 months ago

If you are issued a 1099C then you may find that congress has extended this relief again. They have not yet but the extension has happened in the past so you will have to wait to see.

The Act initially covered a three-year period between 2007 and 2010, but was extended four times, to 2012, 2013, 2014 and then to 2016. This can also apply to debt that is discharged in 2017 provided that there was a written agreement entered into in 2016.

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Customer reply replied 5 months ago
I do know all that. I also contacted the senators who proposed the bill...#122, but no movement has been made except to send it to the finance committee. In past years, it was passed before the end of the year....but since they do not seem to want to really help the "middle" class...I am not sure. Can they attach our social security?
Financial Professional: TaxRobin, Senior Advisor replied 5 months ago

SS can be attached but only a portion.

  • Through the Federal Payment Levy Program to collect overdue federal taxes by levying up to 15 percent of each monthly payment until the debt is paid under Section 1024 of the Taxpayer Relief Act of 1997 (Public Law 105-34);
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Customer reply replied 5 months ago
thanks...insolvency (form 982) it is then.....
Financial Professional: TaxRobin, Senior Advisor replied 5 months ago

You are most welcome.
A positive 5 star rating is appreciated so I am credited for assisting.

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Customer reply replied 5 months ago
Useless info....not any help
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