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I received $59,606.00 from Sutter County Treasurer-Tax

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I received $59,606.00 from...

I received $59,606.00 from Sutter County Treasurer-Tax Collector for a property that we were told was foreclosed so we moved. We got in an ARM and the bottom fell out of the real estate market back in 2008 or 2009. The Treasurer never sent or anyone else sent anything showing I need to Declare this on my taxes. I do not make enough income to have to pay taxes or do my taxes since I am on SSDI and Spousal Support. But I had forgotten about this money. I went through a very bad divorce so much that it effected my memory.

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

Not sure....

Submitted: 1 month ago.Category: Tax
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Answered in 2 hours by:
3/25/2018
Tax Professional: Mark Anderson, Tax Attorney replied 1 month ago
Mark Anderson
Mark Anderson, Tax Attorney
Category: Tax
Satisfied Customers: 622
Experience: Tax attorney and accountant
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It may be excluded if it was on your personal residence:

https://www.americanbar.org/content/dam/aba/administrative/taxation/pbseries-foreclosure-taxes-handouts.authcheckdam.pdf

Can you provide additional information?

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Tax Professional: Mark Anderson, Tax Attorney replied 1 month ago

It depends upon the date when the home was foreclosed:

https://www.lawyers.com/legal-info/taxation/income-tax/tax-consequences-for-home-foreclosure.html

It may also be excluded if you are insolvent.

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Tax Professional: Mark Anderson, Tax Attorney replied 1 month ago

Here is some more info:

https://www.irs.gov/newsroom/home-foreclosure-and-debt-cancellation

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Customer reply replied 1 month ago
I've sent several responses and no one has answered my question. Ok am dissatisfied please do not charge me for this farce!
Tax Professional: Mark Anderson, Tax Attorney replied 1 month ago

When was the property foreclosed?

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Customer reply replied 1 month ago
2007 or 2008
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