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S corp sole owner myself, and myself personally are co
S corp sole owner myself, and myself personally are co borrowers, the corp is insolvent , and i am making a deal with the lender to be pay off the loan, the lender says he is willing to sell the loan … read more
PDtax
PDtax
Owner
Master's Degree
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My daughter-in-law's father died last year. He owned several
My daughter-in-law's father died last year. He owned several houses in town (Boulder, CO). They were in the name of his son, my daughter-in-law's brother. Her father had specified that one house in pa… read more
taxmanrog
taxmanrog
Master's Degree
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My husband had a short sale with a home he has with his
My husband had a short sale with a home he has with his ex-wife this year. They have been divorced for 5 years. He received a 1099-S for $355,000. This was the total amount of the sale and in his name… read more
emc011075
emc011075
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Bachelor's Degree
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Ugh...have a rental property client, received a 1099A but
Ugh...have a rental property client, received a 1099A but bank told them there will not be a 1099C. Looks like they have a gain, but they believe it's excludable. Don't we need the 1099C to determine … read more
emc011075
emc011075
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With a forclosed house, will I get a 1099-C from a servicer?
I had a Fannie Mae mortgage, the mortgage servicing company refused to work with me and the house was foreclosed on in Feb 2016. I know the house was sold by Fannie Mae in June 2016. Will I get a 1099… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
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We are in MO. We are having to file Chapter 13 Bankruptcy.
We are in MO. We are having to file Chapter 13 Bankruptcy. With our house, we are a little underwater. We have determined to not keep the house. We are currently behind on our payments, and do not pla… read more
PDtax
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Master's Degree
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I received 3 1099-C properties that were foreclosed in
I received 3 1099-C for 2 properties that were foreclosed in 2009. These 1099-C are from home equity line of credits 2 of the 1099-C is from my 1st primary residence they are 2nd and 3rd positions - t… read more
Lev
Lev
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Bachelor's Degree Equivalent
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If you are an accountant on Just Answer with the initials
If you are an accountant on Just Answer with the initials S.A., please don't answer. I'm merely writing this post to confirm our discussion. Thank you. Please don't answer this unless you're a U.S. CP… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,026 satisfied customers
Will our 2013 Discharged C7 bankruptcy exempt us from a 2014
Will our 2013 Discharged C7 bankruptcy exempt us from a 2014 1099 which would result from a $50K write-off by the owner of the 2nd? We just received an offer from an investor/realtor to buy our underw… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,026 satisfied customers
I bought a home in 2003 as a single person. My mom co-signed
I bought a home in 2003 as a single person. My mom co-signed on the loan for me. When I got married, we could not sell the house for what it was worth, so are only option was to rent it. I lived in th… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
21,026 satisfied customers
I had a short sale a year and a half ago. The second mortgage
I had a short sale a year and a half ago. The second mortgage would not give me a forginess of debt unless I settled and paid them token amount .. They have setup a payment schedule over next 36 month… read more
ShawnA
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Good afternoon, I need advises on how to prove insolvency.
Good afternoon, I need advises on how to prove insolvency. We live in California and here is my situation: Asset: 1) We sold our investment property thru short sales and we received a 1099-C from the … read more
Stephen G.
Stephen G.
Sr Income Tax Expert
Bachelor's Degree
10,225 satisfied customers
My dad received a 1099S from a short sale, approximately 141,000.
My dad received a 1099S from a short sale, approximately 141,000. When I put the proceeds in as a home sale, and 141,000 as the proceeds (but there were no funds that transfered to him), it had no imp… read more
Stephen G.
Stephen G.
Sr Income Tax Expert
Bachelor's Degree
10,225 satisfied customers
Bought a second home for my parents to live in since they didnt
Bought a second home for my parents to live in since they didn't have the credit to get a loan. House foreclosed on 12/2010; principle balance was $100K; heloc was $50k. Both of these loans were from … read more
Lev
Lev
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1. I purchased a home for my daughter as my primary residence
1. I purchased a home for my daughter as my primary residence and obtained a non recourse loan in 2006 . She lived in the house and paid me $1000 until last November when she got married and moved. Ho… read more
Richard
Richard
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Doctoral Degree
6,039 satisfied customers
I foreclosed on my primary residence in Dec, Fannie mea repurchsed
I foreclosed on my primary residence in Dec, Fannie mea repurchsed the loan and now sent me a 1099a .. the loan amt was for 258,000 and they purchased for 285000. On the 1099a it say the fair market v… read more
BK-CPA
BK-CPA
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919 satisfied customers
We foreclosed on a second home (condo) in florida.Wells
We foreclosed on a second home (condo) in florida.Wells fargo would not lend money to buyers we had who put up earnest money because they (wells fargo) stated they did not wnt to be associated with th… read more
Ed Johnson
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If I have a 1099c (from forgiveness of debt from lender), ...
If I have a 1099c (from forgiveness of debt from lender), how much do I have to put in as ordinary income? I heard that one may prove insolventcy and do not need to pay tax, how do I qualify for insol… read more
The Guy Behind the Tree
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