1099c Foreclosures
Taxes – 1099A & 1099C what do i do?? 982??
I owned a home in 2007, lost it in Feb 07, i filed a deed in lieu of foreclosure. But tech a foreclosure that i am learning now. Me and my ex fiance both rcvd the 1099A and 1099C, i need to know what we can do or what steps we need to take to file, either long form or through turbo tax. he made less then 12000.00 for the year and i made ovr 40k. keying into turbo tax i owe over 10k and he owes 6-7K. then found out about the 982 form. is there a way that i/we can qualify for it? do we both need to file all these forms? why did we get both? im panicking, how can i pay something like this when i was not able to pay my mortgage?? does irs take min payments? do they charge interest? help me please thank you in advance for anyone able to help me!!!
You may qualify under the Mortgage Forgiveness Debt Relief Act of 2007. Review the instructions to Form 982 and try completing. The form and instructions are at:
http://www.irs.gov/pub/irs-pdf/f982.pdf
The 2007 Mortgage Relief Act excludes from a taxpayer’s gross income any discharge of indebtedness income by reason of a discharge (in whole or in part) of qualified principal residence indebtedness before Jan. 1, 2010. The exclusion applies where taxpayers restructure their acquisition debt on a principal residence or lose their principal residence in a foreclosure.
If need help with completing Form 982, you may want to contact a tax professional.
77 – 1099c Tax Liability for short sale and foreclosure
