my $.02
Posted by TheShortSalePro on March 01, 2004 at 08:47:11:
In Reply to: deed in lieu of forclosure tax ramifications posted by HELAYNE HERSHOWITZ on February 28, 2004 at 15:52:34:
Before an IRS form 1099 is issued from the (former) mortgagee to the (former) homeowner, the amount of forgiven debt must first be established. That can be calculated once the property has been liquidated.
The receipt of an IRS form 1099 doesn't automatically expose the (former) homeowner to an income tax liability. In the majority of instances, that income is exempt from tax.
- Re: my $.02 - Jeanette 10:21:48 03/01/04
(1)
- Re: my $.02 - Jeanette 10:29:34 03/01/04
(0)
- Re: my $.02 - Jeanette 10:29:34 03/01/04
(0)
