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We are filling out a form 982. My wifes home was purchased
We are filling out a form 982. My wifes home was purchased for 160000 and she had a second for 80000. She foreclosed and the 1st took the home to auction. The second has been trying to collect but has… read more
Lev
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property I owned went through foreclosure as I went through
property I owned went through foreclosure as I went through Chapter 11 Bankruptcy, now the bank that had a Home Equity Line of Credit is offering to forgive my debt. If I accept do I owe taxes on the … read more
Lane
Lane
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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
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I am in Los Angeles, California. I am currently working
I am in Los Angeles, California. I am currently working on a loan modification. I understand that if I do a short sale my principal residence or a deed in lieu I will have debt forgiveness on deficien… read more
Lev
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Wells Fargo has a second (LOC) on my home. After a year and
Wells Fargo has a second (LOC) on my home. After a year and a half to extend a modification WF declined the modification and although I was (and continue to make monthly payments thru the recovery dep… read more
Megan C
Megan C
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I am Realtor and because of economic difficulties in recent
I am Realtor and because of economic difficulties in recent years, many people I know have had to short sell their homes. In some instances, the short sale included both a purchase money first mortgag… read more
Phillip B, EA
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The lender has conceded that there is a defective mortgage
The lender has conceded that there is a defective mortgage on this secured property. However, they placed a junior lien on it and invited me to make an offer for them to remove the junior lien (in ord… read more
Lev
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Background: I asked my lender to accept a Deed in Lieu of
Background: I asked my lender to accept a Deed in Lieu of Foreclosure for an investment/rental property (condo-tenant occupied). Here is some background info: Original Purchase $215,000 in June 2005 (… read more
Lev
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I owned a home in Az. Purchased in May 2004. We lived in it
I owned a home in Az. Purchased in May 2004. We lived in it until August 2008 then had to relocate to another state due to job loss in Az. We rented the home August 2008 until Oct 2010, the renters mo… read more
Ellen
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If a bank is taking a reduced mortgage payoff as part of a
If a bank is taking a reduced mortgage payoff "as part of a litigation negotiations" are they required to report the reducted portion to the IRS by way of a 1099-C?… read more
CGCPA
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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
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I received a form 1099-C cancellation of debt We purchased
I received a form 1099-C "cancellation of debt" We purchased a house in AZ 8 years ago an refinanced it 2 years ago. We originally purchased the house for $204,000 and refinanced it for $360,000. (We … read more
Robin D.
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If I am doing a short sale on my primary residence and I did
If I am doing a short sale on my primary residence and I did an 80/20 loan to buy the house. So I have a first and a second mortage on the home. I know I will be 1099 the difference for both loans and… read more
Anne_C
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I am in the middle of a short sale and want to know if the
I am in the middle of a short sale and want to know if the mortgage debt relief act applies in the case for debt forgiveness. I also wanted to know generally what the fed and CA state tax implications… read more
Marvin,EA
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A 1099 A was issued principal balance owed $416,066 FMV $408,983
A 1099 A was issued principal balance owed $416,066 FMV $408,983 Personally liable, no 1099 c issued. Do you have to report difference at this time as COD.… read more
Anne_C
Anne_C
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Doctoral Degree
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I bought my house for 250k. I cashed out about 150k from my
I bought my house for 250k. I cashed out about 150k from my house. I used about 100k for home improvement and paid about 15k for refinancing costs. Now I am selling my house for less than what i bough… read more
Lev
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Bachelor's Degree Equivalent
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We live in AZ and just recently purchased a second house which
We live in AZ and just recently purchased a second house which will be our primary residence. We have been trying to rent out our 1st home but are having a hard time finding someone that will pay what… read more
Merlo
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I am trying to purchase a home from my sister for $175,000.
I am trying to purchase a home from my sister for $175,000. The home has been appraised at $360,000. I had a chapter 13 that has been discharged for about 14 months and I am wondering if there is a mo… read more
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