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I am planning on selling a home under a VA loan. In 2014…

I am planning on...

I am planning on selling a home under a VA loan. In 2014 there was going to be a foreclosure but the bank allowed a $260,000 debt forgiveness. The question I have is under a VA loan is that forgiveness taxable

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Answered in 4 minutes by:
3/21/2018
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,572
Experience: IRS licensed Enrolled Agent and tax instructor
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Hi. My name is ***** ***** I will be happy to help you.

If the bank forgave some of the debt in 2014, did you receive any 1099C for 2014?

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Income from canceled debt is reported in the year the debt is forgiven, not in the year the house is sold or foreclosed.

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Customer reply replied 29 days ago
I’m not sure my ex filed the taxes.
Customer reply replied 29 days ago
I do know that we did not pay the taxes on it for that year.

The statute of limitation for 2014 returns runs out in April and if you have not heard anything from the IRS by now than your ex must have reported it OR the bank never issue you 1099C.

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You do not claim debt forgiveness three years after the bank granted you the forgiveness.

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emc011075, Tax adviser
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Experience: IRS licensed Enrolled Agent and tax instructor
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