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I was granted a deed in lieu of foreclosure a few months ago

from my mortgage company. they...
I was granted a deed in lieu of foreclosure a few months ago from my mortgage company. they said all I have to do now is wait for the 1099. They are now selling the house for 100,000 less than I owed. Are they going to send me a 1099 for 100,000 ?What should I do?
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Answered in 3 minutes by:
9/2/2009
bizmatters
bizmatters, Attorney
Category: Tax
Satisfied Customers: 1,132
Experience: Licensed Practicing Attorney
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Dear renternow,

 

Thank you for your question.

 

The 1099 should equal the amount of forgiven debt. However if this is your primary home, and the entire debt was for the purchase or repair or improvement of the home, then you can exclude the entire amount by using the following form when you file your taxes.

http://www.irs.gov/pub/irs-pdf/f982.pdf

 

 

bizmatters
bizmatters, Attorney
Category: Tax
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Experience: Licensed Practicing Attorney
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