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Posted by Kelly on May 30, 2007 at 14:43:31:
In Reply to: Re: Short sale 1099 A posted by NJD on May 30, 2007 at 14:18:39:
We went into this home with 100% financing, so the mortgage is still sitting at $360, if not more with all the late charges.
From what I can understand, there's a 1099 A or a 1099 C that the mortgage company could give us. They state that they want us to pay $4,000 and they will give us a 1099 A. Per the IRS code, it looks like we wouldn't have to pay taxes on that $80,000 due to our being insolvent, but I just don't want any surprises at tax time. Our real estate agent told us that if the bank 1099'd us, we should just walk and let them foreclose, but I'm afraid that would carry much harsher consequences. We haven't done anything with the escrow papers yet because I'm trying to get a solid answer to my tax questions.
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