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I received a 1099-misc from my mortgage company is this due

Customer Question
Hi I received a 1099-misc...
Hi I received a 1099-misc from my mortgage company is this due to having the interests rate lowered but then again this bank is no longer my mortgage bank for more than 2 years.
JA: Thanks. Can you give me any more details about your issue?
Customer: yes my bank was Chase now its Select Portfolio for the past two years
JA: OK got it. Last thing — Tax Professionals generally expect a deposit of about $32 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.
Submitted: 1 year ago.Category: Tax
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Customer reply replied 1 year ago
I also had a foreclosure in my house and did receive money for doing that through current mortgage company Select Portfolio. So I am confused as why I received it from Chase if they have not been my mortgage lender for the past 2-3 years.
Answered in 53 minutes by:
2/28/2016
Tax Professional: Megan C, Certified Public Accountant (CPA) replied 1 year ago
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,581
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Verified

Thank you for your question -- sometimes, banks send 1099's out years after someone has left their bank. If they forgave debt, then this would not be taxable to you because it's from your primary residence (at the time it was forgiven)

So, fill out form 982, marking that it's home debt forgiveness.

If it's the 1099-MISC because of the cash payment, if you can show that you did not receive the funds in the current tax year, then you would not include it on your current return. Keep your records in case they ask you about it,

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

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Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,581
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