Tax

Have a tax question? Ask a tax Expert

Connect one-on-one with {0} who will answer your question

Related Tax Questions
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
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,408 satisfied customers
This question has to do with next year's taxes. I left a job
This question has to do with next year's taxes. I left a job where I am required to sell my stock in that company. We had a lot of damage to our house with the ice dams. Yes we do get some insurance c… read more
Tax.appeal.168
Tax.appeal.168
Principal
6,578 satisfied customers
My home was partially destroyed due to the Colorado floods
My home was partially destroyed due to the Colorado floods last weekend and we do not have flood insurance. I read that the loss of property value to my home could be a tax deduction and, because we a… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,909 satisfied customers
Lost home to foreclosure in January 2013. I had refinanced
Lost home to foreclosure in January 2013. I had refinanced thee or four times. I owed $193,000 when I stopped making payments. The notice of foreclosure says I owed $239,000. Will I be taxed on $193,0… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,641 satisfied customers
Short sale - Received 1099-C from the bank (cancellation of
Short sale - Received 1099-C from the bank (cancellation of debt) House sold for 170000/= orignal purchase 285000/= can we do a sch D and claim our loss to offset the impact of 1099-c income.… read more
BK-CPA
BK-CPA
Bachelor's Degree
919 satisfied customers
What will be the treatment to a 1099-C (Cancellation of Debt)
What will be the treatment to a 1099-C (Cancellation of Debt) which is marked as personally liable for the debt- House was a Short Sale and the couple lived there for 2/3 years. It was a single family… read more
Wallstreet Esq.
Wallstreet Esq.
Tax Attorney
Doctoral Degree
586 satisfied customers
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
rramsook
President/Owner
Bachelor's Degree
305 satisfied customers
Hi, Im in California and currently have 2 houses. we purchased
Hi, I'm in California and currently have 2 houses. we purchased our current home in Sept. 2007 while having a condo on the market at the same time (which we expected about a 80K profit from). We close… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,909 satisfied customers
I am attempting to short sale a house in Colorado, and have
I am attempting to short sale a house in Colorado, and have been informed that I will receive a 1099 for miscellaneous income if a sale goes through. The amount on the 1099 will be the difference betw… read more
Tax.appeal.168
Tax.appeal.168
Principal
6,578 satisfied customers
It has come to the point that I either let the Bank foreclose
It has come to the point that I either let the Bank foreclose or I attempt a short sale. I've been told if I do a short sale, the Bank can come after me for the difference of the sale to what is owed … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,909 satisfied customers
lost my job and house. House sold for $70,000 than owed.
lost my job and house. House sold for $70,000 than owed. Will I get a 1099 and have to pay taxes on it. Is it possible to estimate amt of taxes sold thru foreclosure as bank wouldn't accept short sale… read more
Gerri A Harrison CFP EA
Gerri A Harrison CFP EA
Financial advisor/Tax preparer
Bachelor's Degree
245 satisfied customers
i JUST COMPLETED A SHORT SALE IN 2009 ,I RECEIVED A 1099S FORM.
i JUST COMPLETED A SHORT SALE IN 2009 ,I RECEIVED A 1099S FORM. WHAT PORTION DO I PAY TAXES ON.I BOUGHT HOUSE FOR 310000. SOLD IT FOR 150000. RIECEVED 1099 FOR 143000. JOHN… read more
socrateaser
socrateaser
1,506 satisfied customers
I must sale my primary residence in a short sale. There is
I must sale my primary residence in a short sale. There is about $200,000 difference between the sales price and the morrgage balance. Is this difference taxable?… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I own a home. If I purchase a 2nd home, so that I can be closer
I own a home. If I purchase a 2nd home, so that I can be closer to a better high school, and then do a short sale on my current home, would I owe taxes for 'debt forgiveness'? Meaning would I be taxed… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I HAVE A SECOND HOME IN FLORIDA THAT IS IN SHORT SALE RIGH
I HAVE A SECOND HOME IN FLORIDA THAT IS IN SHORT SALE RIGH NOW IN $ 105000.00, THE ACTUAL MORGAGE IS 185000.00, I UNDERSTAND AFTER THE SHORSALE DONE I WILL RECEIVED FROM THE BANK THE FORM 1099-A FOR $… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
I have a short sale from 2007 on a 2nd mortgage which resulted
I have a short sale from 2007 on a 2nd mortgage which resulted in a 90k 1099 being issued as regular income. I was technically insolvent at the time due to my wifes job loss and the reversal of the ho… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,909 satisfied customers
We are relocating from Petaluma, CA to Chandler, AZ. We ...
We are relocating from Petaluma, CA to Chandler, AZ. We cannot sell our house for what we owe. We talked to our mortgage company and it looks like our best option is going to be a short sale. They tol… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,909 satisfied customers
if i did a short sale on my house and the diffrence ...
if i did a short sale on my house and the diffrence between the sales price and the amount owed on the property is 30k, if i receive a 1099 for that 30k what will be the an approximate federal tax lia… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 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

4,937 satisfied customers

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

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

261 satisfied customers

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

Robin D.

Robin D.

Senior Tax Advisor 4

17,888 satisfied customers

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

Megan C

Megan C

Certified Public Accountant (CPA)

8,659 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