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delinquency on home mortgage due to refi, and lost income from
delinquency on home mortgage due to refi, and lost income from Mar 2010- Mar 2012. Foreclosure in 6/2012. We live in a home that my Mother left me upon her death, I've been living in this home from Oc… read more
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MY HOME WAS FORECLSOED ON AND WE LOST IT IN AUG 2010. I JUST
MY HOME WAS FORECLSOED ON AND WE LOST IT IN AUG 2010. I JUST RECEIVED A LETTER THAT SIAD THEY RECENTLY SENT ME 1099-C IN ERROR AND WILL BE SENDING A 1099-A. IM NOT SURE WHAT EITHER MEANS, AM I GOIGN T… read more
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what are the steps,when I forclose on my home. how many month
what are the steps,when I forclose on my home. how many month it takes before I have to move out, and will I still owe the bank and the IRS money after I forclose.… read more
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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
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my home in california foreclosed last year. i had a primary
my home in california foreclosed last year. i had a primary mortgage of $325,684 for which i received a 1099-A (Acquisition or Abandonment of Secured Property). i also received a 1099-C (Cancellation … read more
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Two years ago I lost my business, then my home-and I abandonded everything and let the creditors split the spoils.I have not nor do I intend to file bancruptcy.I have dealt with each creditor as they … read more
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An expensive divorce in 2007 and a 15% salary cut in 2008 prevented me from keeping up with the mortgage payments on my house. There was a $247,000 first mortgage and a $75,000 second on the house. I … read more
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I am in a state of panic! We foreclosed on our home in Feb. of 2009. We received the 1099-A form. In box 2 the balance is $171,770.42, in box 4 the amount is $183,216.27. Box 5 is marked "yes". Do we … read more
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I bought my house for 250k. I cashed out about 150k from my
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I had to do a short sale of my house before it went in to foreclosure
I had to do a short sale of my house before it went in to foreclosure in 2008. Do I claim this "short sale" the same as in a bankruptcy on my federal taxes? My income is substantially decreased due to… read more
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I have a short sale from 2007 on a 2nd mortgage which resulted
I have a short sale from 2007 on a 2nd mortgage which resulted in a 90k 1099 being issued as regular income. I was technically insolvent at the time due to my wifes job loss and the reversal of the ho… read more
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In 2008 I had lost my job and fell behind on my mortgage payments ..My
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we own a home, no late payments. thinking about forclosure
we own a home, no late payments. thinking about forclosure b/c home has lost value in over 75K within the past year. if we could sell it now, we would owe 75-90,000 in debt. what are the tax ramificat… read more
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I purchaseda home 9 years ago for 140,000. I have refinanced
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Debt forgivnessand tax implications on foreclosures
I bought a second home a few months ago and I might need to let my first home foreclose. Bush signed a law that forgave due tax on foreclosure if the sold for less than the amount due on the home loan… read more
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I am not sure how and where to report the foreclosure of my ...
I am not sure how and where to report the foreclosure of my home in 2007 on my tax return. We received a 1099-A form from our mortgage company and in block 2 they put the principal amount owed of $124… read more
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I already filed my taxes, now I just received a 1099 from a ...
I already filed my taxes, now I just received a 1099 from a home I lost in a foreclosure. First off, if I lost my home in bankruptcy in 2004, why would I have to pay taxes on it now? Second, what do I… read more
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TWO QUESTIONS 1. I refinanced in 2005. there was a
TWO QUESTIONS: 1. I refinanced in 2005. there was a past due real estate tax bill of $45k due which was paid and added to the new loan. I did not claim the R.E. tax deduction last year. Can I claim it… read more
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