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OK i have my insolvency worksheet done...i have more that
OK i have my insolvency worksheet done...i have more that 116.000 in insolvency (it saidi can even include business debt, is that right? summarizing i have more liabilities than assets), just in the p… read more
Lev
Lev
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Bachelor's Degree Equivalent
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We bought a home in 2006, i abandon the property like 2 or 3
We bought a home in 2006, i abandon the property like 2 or 3 years after, foreclosure was file like 2012, i have 2 mortgage loans in that loan, one for 160,000 and one for 40,000..., they send me toda… read more
emc011075
emc011075
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Filling out form 982 form insolvency. specifically part ii
filling out form 982 form insolvency. specifically part ii reduction of tax attributes. received 1099-c for cancellation of debt. already filled and paid taxes for 2017. … read more
Lev
Lev
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Bachelor's Degree Equivalent
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Form 982 question: We had a second mortgage (home equity loan
Form 982 question: We had a second mortgage (home equity loan - not used for improvement) that was forgiven. I completed the insolvency worksheet and found that the amount of our insolvency was greate… read more
Lane
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Re 1099-C Mort Principal Bal Reduced. Cash Out Used to Make
Re 1099-C Mort Principal Bal Reduced. Cash Out Used to Make Investment. Hello-We bought our house in 2006 for $350K and put $50K down. In 2009, we took cash out of my primary home ($200K) to buy vacan… read more
USTaxAdvising
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Need help, form 982 as individual. Using H&R Block with form
Need help, form 982 as individual. Using H&R Block with form 982, doesn't have worksheet 4681:used paper 4681 for assets & debt. Have cancelled credit card debt of $3844, shared with ex-spouse from 10… read more
Stephen G.
Stephen G.
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I received a 1099-c for a foreclosure on a -2nd mortgage on
I received a 1099-c for a foreclosure on a -2nd mortgage on vacant land in California due to debt discharge on 10/19/12. I can prove insolvency beyond 79k discharge and would like to know how to reduc… read more
PDtax
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If I settle on a second mortgage they are asking for 11,000
If I settle on a second mortgage they are asking for 11,000 out of a 100,000 will I end up paying taxes my first mortgage foreclosed 3years ago just wondering if the remaining 90,000 will i get taxed… read more
Tax.appeal.168
Tax.appeal.168
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If properities you own are taken over by foreclosers at the
If properities you own are taken over by foreclosers at the tenth month (Oct 2011) and after the full tax year (Jan 2012), what if any tax payments are due if any? How about taxes on credit cards that… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
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I will have to file form 982 (insolvency) as I had a 2nd mortgage
I will have to file form 982 (insolvency) as I had a 2nd mortgage charged off of $80K. I am insolvent by a little more than $80K so I will not have to claim it as income. My question is how to fill ou… read more
Lev
Lev
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Bachelor's Degree Equivalent
35,919 satisfied customers
Tax Expert Do you know Reduction of Tax Attributes Due to
Tax Expert Do you know Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustmen? We just closed last Nov on a short Sale (Freddie mac) We settled on 1st but a few… read more
Lev
Lev
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Bachelor's Degree Equivalent
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Would I be liable to pay taxes to the IRS for the difference
Would I be liable to pay taxes to the IRS for the difference between what was owed to the mortgage company and what they accepted in lieu of deed?… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I have a form 1099 2008 Form showing # 2 Balance of Principal
I have a form 1099 2008 Form showing # XXXXX Balance of Principal outstanding $ 845,522.56 # XXXXX 100.00 Fair market value I am told to fill out form 982 Reduction of Tax Attributes due to Discharge … read more
Chad Oberg
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I sold a rental property in 2008 and received 1099-Cs for
I sold a rental property in 2008 and received 1099-C's for the first and 2nd mortgages. I never refinanced and these are the original loans. I filled out the insolvency worksheet and show that I was i… read more
RD
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Hi. This is re form 982. I have 1099c for 16,120 cx mortgage
Hi. This is re: form 982. I have 1099c for 16,120 cx mortgage debt. Was a primary 2 out of 5 years, but rented 9 months, then renters abandoned. House was repossessed 08/08. The mortgage was an 80/20 … read more
Chad Oberg
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I owned a warehouse in a single person LLC that we sold because
I owned a warehouse in a single person LLC that we sold because the lender called the loans. There were two loans the first to purchase the building and the second to secure the business line of credi… read more
Marvin,EA
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I HAVE A 2ND MORTGAGE ON A FLORIDA PROPERTY THAT I HAVE NOT ...
I HAVE A 2ND MORTGAGE ON A FLORIDA PROPERTY THAT I HAVE NOT PAID...THE PROPERTY WAS TAKEN BACK BY THE 1ST LENDER AND THE 2ND LENDER RELEASED TITLE TO THE 1ST HOWEVER, THE 2ND LENDER "CHARGED OFF" THE … read more
Marvin,EA
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Debt forgivnessand tax implications on foreclosures
I bought a second home a few months ago and I might need to let my first home foreclose. Bush signed a law that forgave due tax on foreclosure if the sold for less than the amount due on the home loan… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
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