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I lost an investment property in a short sale. The lender
I lost an investment property in a short sale. The lender send me 1099-c with $81,388.81 on line 2 and $110,000.00 on line 7.Box in line 6 is ticked.what are the tax consequences. … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,513 satisfied customers
I sold my house on a short sale last year and I receives a
I sold my house on a short sale last year and I receives a 1099-c and line 2 line 7 is marked $amount of debt discharded was $200.551 and line 4 says mortage- short sale and line 5 says marked with a … read more
Lev
Lev
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Bachelor's Degree Equivalent
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I had Chapter 7 Bankruptcy discharge in 2017 part of which
I had Chapter 7 Bankruptcy discharge in 2017 part of which my Line of Credit was discharged, however, I received 1099-C with a code F in Box 6 ( By Agreement) and Box 5 "Personally Liable repayment of… read more
Lev
Lev
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Bachelor's Degree Equivalent
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My house is in foreclosure and has a large second. I am
My house is in foreclosure and has a large second. I am getting an offer on the house that will pay off the first completely. I am fairly confident I can negotiate the second as it has been with a col… read more
Chad EA, CDFA®, CFP®
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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
Mark Taylor
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I am an enrolled agent. I have a client with a 1099-C from a
I am an enrolled agent. I have a client with a 1099-C from a foreclosure of a rental property. Box 2, amount of debt discharged, is $175,790. It is a recourse loan. Box 7, fair market value is $309,76… read more
Lev
Lev
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GINA...I have a 1099-C rental property that I sold as a
GINA...I have a 1099-C for a rental property that I sold as a short sale. … read more
Lev
Lev
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I am preparing the tax return two member LLC taxed as a
I am preparing the tax return for a two member LLC taxed as a partnership (Form 1065) that had one rental property. It is owned by two brothers 99% and 1%. The LLC short sold the rental property for $… read more
Lane
Lane
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Doctoral Degree
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If you are an accountant on Just Answer with the initials
If you are an accountant on Just Answer with the initials S.A., please don't answer. I'm merely writing this post to confirm our discussion. Thank you. Please don't answer this unless you're a U.S. CP… read more
Lane
Lane
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i received 2 forms 1099-c on a short sale for rental property,
i received 2 forms 1099-c on a short sale for rental property, one is non recourse, the larger one, the other is recourse, do i have to report the non-recourse as income?… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,791 satisfied customers
I was told when youre foreclosed on a property and the bank
I was told when you're foreclosed on a property and the bank takes a charge against that, the difference in value is taxable to you. I purchased an investment property for $150,000 with a 20% downpaym… read more
PDtax
PDtax
Owner
Master's Degree
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Investment property short sale Fair market Value- $1,250,000.
Investment property short sale: Fair market Value- $1,250,000. Cancelled Debt - $885,000. Am I liable for taxes on the entire $885,000?… read more
CGCPA
CGCPA
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I am a co-borrower on a bank loan to a partnership/LLC. Last
I am a co-borrower on a bank loan to a partnership/LLC. Last year, the loan was restructured to interest only after the property (commercial condo office building) was re-appraised. (Surprisingly, the… read more
socrateaser
socrateaser
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Capital gain tax for a foreclosed or short-sale second property
Capital gain tax for a foreclosed or short-sale second property: I have filed Chapter 7. I feel that I cannot keep my second (rental) home and may let it go either through short sale or foreclosure. I… read more
BK-CPA
BK-CPA
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hello my name is mark. here we go i will try to explain
hello my name is mark. here we go i will try to explain this, my principal home i got back 23 years ago was for 175,000 this is my only home now with kids and a wife i refied a coup[le of times , to t… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I live in California and will be doing a short sale on my home.
I live in California and will be doing a short sale on my home. The bank will most likely send me 1099-C. I would like to find out if there are any current ways to avoid paying any state taxes.… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,513 satisfied customers
Hi, Thanks for the time in answering my question. We (me
Hi, Thanks for the time in answering my question. We (me and my spouse) purchased a home on Nov. 2004 for about $380,000. We used one line of credit and again we consolidated the lone about a year aft… read more
Merlo
Merlo
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Wendy.....Question Karin Depak has the following stock transactions
Wendy.....Question: Karin Depak has the following stock transactions during 2007: Stock Date Purchased Date Sold Sales Price Cost Basis 4,000 shares Green Co. 06/04/02 08/05/07 $12,000 $4,000 500 shar… read more
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