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I had a house reposted 8 years ago.It was not my primary…

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I had a house reposted...
I had a house reposted 8 years ago.It was not my primary residence.I received a 1099 for the 2nd mortgage unpaid amount.what are my options ? Thank you , R Victor Conlin
Submitted: 2 years ago.Category: Tax
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Answered in 16 minutes by:
2/18/2016
Tax Professional: Megan C, Certified Public Accountant (CPA) replied 2 years ago
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,608
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Victor,

You exclude the amount from income, since it was your primary residence.

Please let me know if you need anything additional. If not, please rate positive.

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Customer reply replied 2 years ago
Megan, it was not my primary residence.I .thanks R Victor Conlin
Tax Professional: Megan C, Certified Public Accountant (CPA) replied 2 years ago

In that case, the amount of debt should be included in your income, unless you are insolvent. If you are insolvent, it can be excluded

Insolvent means you have more debt than assets.

Please let me know if you need anything additional. If not please rate positive.

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Customer reply replied 2 years ago
Megan is great .I hope my questions don't bother her
Tax Professional: Megan C, Certified Public Accountant (CPA) replied 2 years ago

Your questions don't bother me -- but I don't see any additional questions -- I had said that you could exclude the debt from your income if you are insolvent.

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