Re: Taxes and Foreclosure
Posted by NJD on December 17, 2008 at 10:55:52:
In Reply to: Taxes and Foreclosure
Posted by donna on December 17, 2008 at 08:01:26:
"Does anyone know what the tax implications will be for me?"
For you? No.
But if the lender forgives the debt you owe, and the mortgage loan was either a refinance, or a second mortgage, you may be on the hook for taxe arising from 1099-C income.
If the forgiven mortgage debt was from an acquisition mortgage loan.... its probably exempt from tax.
You'll still get an IRS 1099-C which you'll have to treat on your next income tax return.
But, if the lender doesn't forgive the debt and decides it is lawful to pursue you for the debt....
you may have other issues to deal with.
Follow Ups:
- Re: Taxes and Foreclosure - frank 10:37:21 12/21/08
(1)
- Re: Taxes and Foreclosure - NJD 10:47:50 12/21/08
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- Re: Taxes and Foreclosure - Robert Adams 14:24:10 12/19/08
(2)
- Re: Taxes and Foreclosure - dr 23:24:30 12/19/08
(1)
- Re: Taxes and Foreclosure - PF 10:38:59 12/21/08
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