Re: Clarification on 1099
Posted by Henry_Ca on June 25, 2007 at 10:39:23:
In Reply to: Clarification on 1099
Posted by steele in minnesota on June 25, 2007 at 09:43:56:
A most wage earnings receive on W2’s on wage received. Other income from commissions, sales of real estate, passive income, social security and etc are reported to IRS using a 1099. Lenders have been known to give homeowners a 1099 in short sales transactions. The reported amounts usually are they accepted lesser amount to owing from a delinquent home owner. Said amount tax liabilities owed depends on the tax payer tax rate.
For this reason it is important to work with someone experience in short sales, because the short pay specialist can have the lender agree not to issue a 1099.
Follow Ups:
- Re: Clarification on 1099 - NJD 13:53:35 06/25/07
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- Re: Clarification on 1099 - Henry_CA 17:22:25 06/25/07
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- Re: Clarification on 1099 - NJD 05:46:29 06/26/07
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- Re: Clarification on 1099 - susie 10:37:58 07/05/07
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- Re: Clarification on 1099 - NJD 11:34:48 07/07/07
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- Re: Clarification on 1099 - Larry Ludwick 13:37:56 07/06/07
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- Re: Clarification on 1099 - Shelley Koss 11:37:22 08/06/07
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- Re: Clarification on 1099 - Larry Ludwick 15:00:49 08/06/07
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