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I lost an investment property in a short sale. The lender
I lost an investment property in a short sale. The lender send me 1099-c with $81,388.81 on line 2 and $110,000.00 on line 7.Box in line 6 is ticked.what are the tax consequences. … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
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I filed bankruptcy on two jointly owed rental properties
I filed bankruptcy on two jointly owed rental properties with my spouse. My spouse was a codebtor on the mortgages but did not file bk. The underlying mortgage debt was discharged in 2014. Now, I am r… read more
Anne
Anne
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I am finishing up a 2014 tax return client. Client just gave
I am finishing up a 2014 tax return for a client. Client just gave me a 2014 1099-C Cancellation of Debt for a HELOC. I am unsure what this means and what the tax implications will be. I tried "GOOGLE… read more
Lev
Lev
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I am a veteran who had his home foreclosed in August 2014.
I am a veteran who had his home foreclosed in August 2014. The lender PNC has turned the note over to VA, the house has not sold. The difference between owed amount$366,344.00 and the FMV $253,499 , m… read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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Is the receipt of a 1099A taxable? Basis of house is $310,000(price
Is the receipt of a 1099A taxable? Basis of house is $310,000(price paid for it)...outstanding principle is $227,996 (box 2), FMV is $188,000 (box 4). Borrower is personally liable for debt (box 5) ch… read more
Megan C
Megan C
Certified Public Accountant (CPA)
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I have a 1099-A form for my principal residence which was acquired
I have a 1099-A form for my principal residence which was acquired by the bank via a foreclosure. The amount on line 2 Balance of Principal outstanding is $416,375 and the FMV is $480,510. since 4 is … read more
Lev
Lev
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Bachelor's Degree Equivalent
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I had a $10,000 unsecured credit card debt and was thereafter
I had a $10,000 unsecured credit card debt and was thereafter swamped with medical bills for my son. I did not pay towards that card, but medical bills instead. The bank sued and won a $7500.00 settle… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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HOA foreclosed on my condo it sold today for a bid of $100,
HOA foreclosed on my condo it sold today for a bid of $100, fair market value is probably $130,000. My question, I am joint on this property. It is not my primary residence, but the other person I am … read more
Lev
Lev
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Bachelor's Degree Equivalent
36,798 satisfied customers
Purchased a property in 2005 for 370K, 80K down and 290K mortgage. Rent
Purchased a property in 2005 for 370K, 80K down and 290K mortgage. Rent it out thru 2010. In 2011. received 1099-C from creditor. Box 2, amount of debt cancelled $161K and debtor is personally liable … read more
winktax
winktax
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Master's Degree
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I have a client who received a 1099-C for a short sale on what
I have a client who received a 1099-C for a short sale on what used to be their principal residence. His primary home was in Florida in 2008. He purchased an additional secondary home in Georgia with … read more
Jax Tax
Jax Tax
Senior Tax Attorney
Master's Degree
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I filed chapter 7 bankruptcy on Sept 9, 2009. It discharged
I filed chapter 7 bankruptcy on Sept 9, 2009. It discharged Jan 5, 2010. I live in California but had a “rental” property in Georgia for which I received a 1099a for 2010. The property was included in… read more
BK-CPA
BK-CPA
Bachelor's Degree
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I have two houses in Virginia. I lived in first house from
I have two houses in Virginia. I lived in first house from 2006 to Oct 2009. Rented it out starting Oct 09 after purchasing and moving into a new house. Now moving to Los Angeles due to mandatory move… read more
Lev
Lev
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Bachelor's Degree Equivalent
36,798 satisfied customers
I live in california. Ive one rental property in Florida,
I live in california. I've one rental property in Florida, and another in California. I'm considering a short sale for both since they are deeply under water. I've couple of questions concerning this:… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
36,798 satisfied customers
I live in California and will be doing a short sale on my home.
I live in California and will be doing a short sale on my home. The bank will most likely send me 1099-C. I would like to find out if there are any current ways to avoid paying any state taxes.… read more
Lev
Lev
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Bachelor's Degree Equivalent
36,798 satisfied customers
How do I handle California 1099-C cancellation of debt on short
How do I handle California 1099-C cancellation of debt on short sale of my home. No problems with 1099-C on my 1040 federal return.… read more
Lev
Lev
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Bachelor's Degree Equivalent
36,798 satisfied customers
I am divorced, but the marital residence still has my name
I am divorced, but the marital residence still has my name attached to the mortgages that are in the foreclosure process. My decree awarded the house to the ex. Do I have to do anything with my taxes … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
36,798 satisfied customers
My daughter owns a home that I co-signed. It is in both our
My daughter owns a home that I co-signed. It is in both our names. She lives there and is the primary. I have my own home. She can no longer make the payments and is moving out. The mortgage balance i… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
36,798 satisfied customers
My husband (29 years) and I BOTH received a 1099-C; his had ...
My husband (29 years) and I BOTH received a 1099-C; his had is SSN and Name at the same address as mine. I too received a 1099-C with my SSN, Name and same address. Both copies of the 1099-C's had the… read more
Sandi Hargrove, SkyHawks
Sandi Hargrove, SkyHawks
Master Tax Pro and Enrolled Agent
Master Degree
1,254 satisfied customers
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