2007-01-20 09:25:37 · 3 answers · asked by saphy 2 in Business & Finance ➔ Credit
i'm not even sure how this affects our taxes or what this form really means. anyone have any clues.
2007-01-20 09:28:04 · update #1
the amount owed is under the amount that it is estimated to be worth, so what does that mean? and i was under the impression that deeding a property back was better than foreclosure and not one and the same. we are doing bankruptcy for our other debt and just scared, don't want to end up with a whole nother buttload of debt.
2007-01-21 10:24:06 · update #2
Your received a 1099-A BECAUSE the house was deeded back to the mortgage company. The full name of the form is 1099-A Acquisition or Abandonment of Secured Property. This is how they inform the IRS that they have foreclosed on the property. If the balance on the loan exceeds the fair value of the property, you may owe taxes on the difference.
2007-01-20 12:25:18 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
what's the purpose of being on the deed? Why is that major to you? you weren't on the interior most loan because your credit sucked and it would want to have made the interior most loan charge larger. So truly you're saying that you don't want to be financially responsible for the abode by technique of no longer being on the interior most loan, yet you want the abode to be considered YOURS?? seem at it this way, in case you divorce or your husband dies, it would not count number who took out the interior most loan or in the adventure that your call is on the deed. that is marital sources.
2016-12-02 19:28:54 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Forgiveness of debt is considered taxable income. I would pay the extra money and stop by a tax prep office. Go to one of the permanent office locations and make an appiontment with an expert.
2007-01-20 13:15:20 · answer #3 · answered by Gatsby216 7 · 0⤊ 0⤋