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I went through a short sale on my home in 2016. Needless to
I went through a short sale on my home in 2016. Needless to say, tough, but over. I am now preparing to get my taxes done. I have not received a 1099-C from either my first nor second mortgage company… read more
NPVAdvisor
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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
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Short sale on a rental property. Adjusted cost basis is 1.1M. Net SP was 500k. This leaves me with a loss of 600k. Added to this I have 400k of un-allowed losses from the last 10 years. Expecting 1099… read more
PDtax
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A friend of mine sold his house in 2013 for $400,000 to move
A friend of mine sold his house in 2013 for $400,000 to move to another state. The IRS sent notice recently that this was not reported on his returns. He listed $0 on his return, but the $400k was rep… read more
Robin D.
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I have form 1099-c from my mortgage company. Did a short sale
I have form 1099-c from my mortgage company. Did a short sale May 2014 and I live in Michigan. My real estate broker said we do not have to do anything with the 1099-c if we get one in the mail. I am … read more
keeperumiami
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I short sold my house in 2012 and need some kind of document
I short sold my house in 2012 and need some kind of document reguarding it before I can file my income tax. where can I get this form I need.… read more
Richard
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What will be the treatment to a 1099-C (Cancellation of Debt)
What will be the treatment to a 1099-C (Cancellation of Debt) which is marked as personally liable for the debt- House was a Short Sale and the couple lived there for 2/3 years. It was a single family… read more
Wallstreet Esq.
Wallstreet Esq.
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I had a short sale of my primary home residence in September
I had a short sale of my primary home residence in September 2011. I had two mortgages on the property: - Bank of America (first mortgage) owed $560,000 - I received no 1099-C for 2011 and BofA told m… read more
fastfile
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some homeowners sold their house on a short sale and received
some homeowners sold their house on a short sale and received no profit from the transaction. however, they had to sign a 1099-s (not 1099-A or 1099-C) at closing. do they have tax liabilities on maki… read more
Robin D.
Robin D.
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I have a sch C. and spent $20,000 to Enlightened Wealth Institute to educate m
I have a sch C. and spent $20,000 to "Enlightened Wealth Institute" to educate me on purchasing and rolling over properties. It is not an accredited institution. I was told it is deductible under IRC … read more
LEV
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I just closed a short sale today on Rental property in Orlando
I just closed a short sale today on Rental property in Orlando Fl. I bought it in 2006 for $330,000 and rented it until October 2010. It was sold for $129,000 today--approved by Bank of America. My ou… read more
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I am a physician. I occasionally would prefer to travel to
I am a physician. I occasionally would prefer to travel to other locations to do continuing medical education courses to maintain and/or improve my professional competency. When I arrive at my desired… read more
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3 Sisters have a C corporation which ownes 1) Gulf front beach
3 Sisters have a C corporation which ownes 1) Gulf front beach house with a $ 280,000 mortgage 2) Office building and 2 vacant lots no mortgage. They want to sell all. What taxes will they pay ? Will … read more
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My wife own our primary residence. We both own a beach house
My wife own our primary residence. We both own a beach house together(50/50). The Beach house is my wife's second home but the beach is my only home. If we sell this beach house will I need to pay cap… read more
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Dear Sir, my one and only primary residence is on currently
Dear Sir, my one and only primary residence is on currently on Short Sale, I am aware that I will not get a penny back for me, it will be a total loss, question, after te bank gets his money I do unde… read more
Ed Johnson
Ed Johnson
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I HAVE A SECOND HOME IN FLORIDA THAT IS IN SHORT SALE RIGH
I HAVE A SECOND HOME IN FLORIDA THAT IS IN SHORT SALE RIGH NOW IN $ 105000.00, THE ACTUAL MORGAGE IS 185000.00, I UNDERSTAND AFTER THE SHORSALE DONE I WILL RECEIVED FROM THE BANK THE FORM 1099-A FOR $… read more
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I was out of work but sold my home. After the closing costs,
I was out of work but sold my home. After the closing costs, I made $20,000. This was my only revenue for the year. I also paid $18,000 in mortgage interest on that house in the year I sold it. If I h… read more
RD
RD
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Hi I am a widow, my husband died a year ago and now our ...
Hi I am a widow, my husband died a year ago and now our primary home is going into foreclosure. The Note was in his name on both mortgages, but my name is XXXXX XXXXX deed as per FL Law. My question i… read more
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