Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

Related Tax Questions
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
Tax Advisor
Bachelor's Degree Equivalent
33,748 satisfied customers
I received a 1099-C this year for a home that was foreclosed
I received a 1099-C this year for a home that was foreclosed on in 2014. in Florida the lender only has 1 year to collect on that debt. the lender put 2017 in the date of identifiable date, but I thin… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
For tax year 2015, I had a foreclosure on rental property
For tax year 2015, I had a foreclosure on rental property with a loss of $120,546 that I reported on form 4797. I received a 2016 1099-C of $220,000 of Cancellation of Debt Income for the same propert… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
We applied for an extension to do our income tax for 2015.
We applied for an extension to do our income tax for 2015. We lost our home to foreclosure in 2015. How does this affect our income tax prep?… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
I had a foreclosure of an investment property and may have
I had a foreclosure of an investment property and may have a short sale on another one this year. Normally I would receive a 1099 from the lender and would owe tax liability on the bank's loss (my gai… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,748 satisfied customers
We short sold our Wisconsin home. The home was originally
We short sold our Wisconsin home. The home was originally built to be our primary residence as we planned on moving to the area, however things did not work out as we hoped as far as my job was concer… read more
Charles Greiner
Charles Greiner
Owner
Bachelor's Degree
2,436 satisfied customers
In 2008 we paid $289,900 for an investment/second home condo.
In 2008 we paid $289,900 for an investment/second home condo. Paid 10% down. We believe the lender, Wells Fargo, the seller and selling agent, committed fraud by failing to disclose deed restrictions … read more
socrateaser
socrateaser
1,031 satisfied customers
I received a 1099c for debt cancellation of my rental property
I received a 1099c for debt cancellation of my rental property mortgage in the amount of 408K. The bank listed the FMV in box 7 as zero(0). But the property was sold as a short sale for 405K. Shouldn'… read more
Dave CPA
Dave CPA
Master's Degree
69 satisfied customers
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
Charles Greiner
Charles Greiner
Owner
Bachelor's Degree
2,436 satisfied customers
How do I calculate gain or loss on a foreclosed property I
How do I calculate gain or loss on a foreclosed property? I received a 1099A from the bank with an amount for the debt and alsoan amount for FMV,What is the FMV # XXXXX for?… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
What are the potential tax consequences in the event of a short
What are the potential tax consequences in the event of a short sale or foreclosure? I currently have a 2nd property that's worth $30-$40,000 less than what I owe. Thanks… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I am not insolvent but need to move. My home is in California
I am not insolvent but need to move. My home is in California and we are weighing foreclosure against short sale. My understanding is both options end with a 1099 (A and C) and I understand the credit… read more
Chad Oberg
Chad Oberg
Director
Bachelor's Degree
172 satisfied customers
Real Estate and Tax question regarding debt foregiveness (USA) What
Real Estate and Tax question regarding debt foregiveness (USA): What are the tax implications for DIL (deed in lieu of foreclosure), short sale or foreclosure, when the debt is forgiven by my lender (… read more
Anne
Anne
Master Tax Preparer
1,328 satisfied customers
A close friend of mine is being offered a deed in leiu of Foreclosure
A close friend of mine is being offered a deed in leiu of Foreclosure on four rental properties (recourse debt) he owns in Houston, TX He asked me to help him with this and when I looked over the tax … read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
I abandoned Stockton house in January 2008. The mortgage company
I abandoned Stockton house in January 2008. The mortgage company sent me financial information Pkgs to complete and i sent it back. This happened 3 times. But no response to my deed in lieu of foreclo… read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
1,605 satisfied customers
1099-A or 1099-C for Mortgage Forgiveness Debt Relief Act?
This is an Acquisition or abandonment of secured property form. My house was foreclosed on 11/24/08. What do I do with this, and how will this effect my taxes? The balance outstanding 87,287.00. The h… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
we own a home, no late payments. thinking about forclosure
we own a home, no late payments. thinking about forclosure b/c home has lost value in over 75K within the past year. if we could sell it now, we would owe 75-90,000 in debt. what are the tax ramificat… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
Hi, I just received a 1099-A. Box 1 date 08/18/06 (lenders ...
Hi, I just received a 1099-A. Box 1 date:08/18/06 (lenders knowledge of abandonment), Box 2 is $262,270 (balance of principal outstanding), Box 4 is $180,000 (FMV), Box 5 is "yes" (Borrower was person… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x