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I am a trustee of my deceased mothers trust. My two sisters
I am a trustee of my deceased mothers trust. My two sisters and I sold her condo early this year and split the proceeds. I want to file a final return and close everything out but I'm puzzled about ho… read more
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I have a few questions regarding a 1099-C Short Sale of main
Hi! I have a few questions regarding a 1099-C Short Sale of main home, converted to rental property, reconverted to main home. Can you help please? … read more
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I did a short sale of my property in 2017. There was
I did a short sale of my property in 2017. There was approximately $140,000 difference in amount owed and sold for. I did not receive a 1098 from the lender as I paid zero interest. I did not receive … read more
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If you receive a 1099-A and the balance of the principal
If you receive a 1099-A and the balance of the principal outstanding and FMV of the property are the same does anything need to get reported when filing form 1040?… read more
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My husband and I did a quick claim deed in lieu of
my husband and I did a quick claim deed in lieu of foreclosure. We purchased the house for 50,000.00 and have rented it out until we did the quick claim deed. The realator sold it for 49900 on March 2… read more
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I Short Sold my rental property in 2016 and received a
I Short Sold my rental property in 2016 and received a 1099-C for $79K. However, the FMV Box was not checked but I know how much the Short Sale was for. If I include a Form 982 with this 1099-C incorp… read more
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The fed does not include it in income but the state of
The fed does not include it in income but the state of California want to include it. … read more
emc011075
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Sale of my home in 2016 was a short sale. It sold for &700K
Sale of my home in 2016 was a short sale. It sold for &700K (in CA). All of that went to the lender. Approximately $400K of debt was forgiven. Got a form for that from the mortgage holder. However, I … read more
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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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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
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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
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A Nevada corporation owned a home in San Diego, CA. I am the
A Nevada corporation owned a home in San Diego, CA. I am the president of the corporation and as such signed the loan docs in my capacity as president. The house was my full time residence. The proper… read more
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Hello - we sold a rental property in 2011 as a short sale.
Hello - we sold a rental property in 2011 as a short sale. There was a 1st and 2nd mortgage and neither bank agreed to cancel the debt in writing. We did not receive a 1099-C or A. We did receive a 10… read more
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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
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1. What is my tax liability on property I sold in a short ale
1. What is my tax liability on property I sold in a short ale and have a large difference between what I sold it for and what I still owed on it? How is this amount determined? 2. Is this amount consi… read more
rramsook
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I had a short sale of my condo in California in July 2009. The
I had a short sale of my condo in California in July 2009. The lender says they are not issuing me a 1099-C because they are not claiming it as a loss (The condo sold for $110,000 less than I borrowed… read more
Lev
Lev
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Bachelor's Degree Equivalent
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i recently short saled my primary residence.first and second
i recently short sale'd my primary residence.first and second loan balance is 720,000 Home sold for 649,000 with 35000 in closing costs. 2500 of which I paid. my question is how much will my 1099 be f… read more
Lev
Lev
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I received a form 1099-A for my principal residence which was
I received a form 1099-A for my principal residence which was sold via a short sale in Feb.2009. The amount on line 2 of 1099-A Balance of principal outstanding is $170,539.12 and the amount on line 4… read more
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Robin D.
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