Re: Question about 1099 forms
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steele in minnesota
October 31, 2009 07:42AM
More or less. If you are issued a 1099 it means that they have taken the loss on their books. If they were to pursue a deficiency they would still have the loan on the books. They can't take a loss and also ask for the same money. Can't get "paid" for the same debt twice.

And yes, on a primary residence and loan against the property the taxes are usually forgiven.
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