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Second opinion] We received a 1099-C Cancellation of Debt
Second opinion] We received a 1099-C Cancellation of Debt from our loan servicer for over $71,000,00. We asked the loan servicer where they are getting that amount from, as it does not match our paper… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
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I received 2 1099 C 2015 and 2017 and have amended my taxes
I received 2 1099 C 2015 and 2017 and have amended my taxes to include these 1099 Cs. But the mortgage company have added the amounts back into the loan. … read more
Angie
Angie
Bookkeeper, Tax Preparer, Office Manager
393 satisfied customers
I just got a "notice of deficiency or rejection of refund
I just got a "notice of deficiency or rejection of refund claim" for property I sold Feb 2014. It says I sold property in Feb instead of May 1994 so they are disallowing the modification on my return.… read more
Barbara
Barbara
Enrolled Agent, Paralegal
10,397 satisfied customers
I have received a loan modification for my mortgage and was
I have received a loan modification for my mortgage and was told that there might be income tax consequences related to the modification and I would be responsible for any income tax due as a result o… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
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This year I received a loan modification from CitiMortgage.
This year I received a loan modification from CitiMortgage. I applied for a loan modification 7 years ago under HARP and it took them almost 2 years to finally send us an offer but they took a 1 time … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,427 satisfied customers
I did a loan modification on my condo less than two years
I did a loan modification on my condo less than two years before I sold it.... the original loan was 6 years old......... would this be considered capital gain for taxes?… read more
Brian Michels
Brian Michels
Partner, CPA
Bachelors of Business Administration
199 satisfied customers
In 2010, I owned a rental property in Rocklin California. It
In 2010, I owned a rental property in Rocklin California. It was financed using a negative amortization loan which I co-signed for for my daughter. I was offered a loan modification which I accepted. … read more
PDtax
PDtax
Owner
Master's Degree
4,762 satisfied customers
I was told by Ocwen that tax laws have changed and they are now required to list the entir
I was told by Ocwen that tax laws have changed and they are now required to list the entire balance of the loan modification forgiven principle on the 1099 c rather than the 1/3 due for this year. I c… read more
PDtax
PDtax
Owner
Master's Degree
4,762 satisfied customers
I own a home with my wife and aunt. We had a mortgage modification
I own a home with my wife and aunt. We had a mortgage modification and we all received form 1099-C for the amount of the modification. For example the modification was for $20,000 yet my wife, my aunt… read more
Barbara
Barbara
Enrolled Agent, Paralegal
10,397 satisfied customers
I paid an attorney $3500 using credit card to request a loan
I paid an attorney $3500 using credit card to request a loan modification on my house. The loan modification was successful. Could I deduct that amount on my taxes and under what category? Thanks… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
I got a loan modification my mortgage company sent me a 1099
i got a loan modification my mortgage company sent me a 1099 c i also went bankrupt after the modification do i qualify for a reduction of tax attributes… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,757 satisfied customers
Are loan modification charges deductible on sch A? The statement
Are loan modification charges deductible on sch A? The statement says"Pay for Performance Principal Reduction, current year = $1,000, program to date = $2,000 Thank You, Fred… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
7,256 satisfied customers
Wells Fargo has a second (LOC) on my home. After a year and
Wells Fargo has a second (LOC) on my home. After a year and a half to extend a modification WF declined the modification and although I was (and continue to make monthly payments thru the recovery dep… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,659 satisfied customers
My bank is offering me an opportunity to lower the rate on
My bank is offering me an opportunity to lower the rate on my mortgage (which is current/never delinquent) through a "mortgage rate security modification feature". The fee is a percentage of the loan … read more
USTaxAdvising
USTaxAdvising
Partner
Bachelor's Degree
1,099 satisfied customers
I received a 1099c since I was able to get a loan modification
I received a 1099c since I was able to get a loan modification on my first and the debt was canceled on my second. Do I need to enter this information on my taxes? I'm using Turbo Tax my refund starte… read more
Chea Romine
Chea Romine
Managing Partner
Bachelor's Degree
197 satisfied customers
I reduced my interest rate through a loan modification, as
I reduced my interest rate through a loan modification, as opposed to a refinancing, and am wondering whether the fees associated with such modification would be deductible either (i) in the year of t… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
3,136 satisfied customers
I just got a letter in the mail saying I no longer owed $600.00
I just got a letter in the mail saying I no longer owed $600.00 to a bank that I owed money to almost 5 years ago. It made some comment about taxes but I havent worked in three years but my husband do… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
Helping a friend with his taxes. he paid a loan ...
Helping a friend with his taxes. he paid a "loan modification fee" to a mortgage company. Sounds like 'points'...of some kind..Is this fee deductible for tax purposes like mortgage interest ? The rece… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,757 satisfied customers
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