2007-01-24 03:19:38 · 3 answers · asked by ~kim~ 1 in Business & Finance ➔ Taxes ➔ United States
Does either form have to do with a foreclosure? Will the IRS tax my income taxes due to foreclosure due to non payment?
2007-01-24 03:30:04 · update #1
The 1099-C form is used to report cancellation of debt (debt forgiveness). The 1099-A form is used to report the acquisition or abandonment of secured property (i.e. a house).
2007-01-24 03:25:07 · answer #1 · answered by jseah114 6 · 0⤊ 0⤋
you should merely wait till each and every thing is settled. i lately had a shopper get a 1099-C six years after he had a truck repossessed. don't be in a hurry for it. merely report without it for now. If one become popping out for this 3 hundred and sixty 5 days, it would were despatched to you by technique of now.
2016-12-02 23:59:07 · answer #2 · answered by kobielnik 3 · 0⤊ 0⤋
If the house was sold for less than you owed on it, you will have "income" to pay taxes on.
2007-01-24 05:51:08 · answer #3 · answered by Wayne Z 7 · 0⤊ 0⤋