I got a 1099-A form from the first Mortgage holder and the second mortgage holder claims they have up 3 years (per law) to provide to me.
2007-03-02 11:26:14 · 7 answers · asked by ? 1 in Business & Finance ➔ Taxes ➔ United States
Box 1. For a lender’s acquisition of property that was security for a
loan, the date shown is generally the earlier of the date title was
transferred to the lender or the date possession and the burdens and
benefits of ownership were transferred to the lender. This may be the
date of a foreclosure or execution sale or the date your right of
redemption or objection expired. For an abandonment, the date
shown is the date on which the lender first knew or had reason to
know that the property was abandoned or the date of a foreclosure,execution, or similar sale.
Box 2. Shows the debt (principal only) owed to the lender on the
loan when the interest in the property was acquired by the lender or
on the date the lender first knew or had reason to know that the
property was abandoned.
Box 4. Shows the fair market value of the property. If the amount in
box 4 is less than the amount in box 2, and your debt is canceled,
you may have cancellation of debt income.
If you were insolvent at the time of the cancelation of debt, you might be able to exclude this from income
Call the IRS @ 1-800-829-1040 for determination on how or if this needs to be reported
2007-03-02 11:58:31 · answer #1 · answered by Anonymous · 2⤊ 0⤋
One additional comment to Rob's answer (taken directly from the IRS website). Insolvent is not the same as Bankrupt. Insolvent means if you sold EVERYTHING you have. You would not have enough to pay all your debts. This includes selling the cloths off your back.
2007-03-02 12:30:31 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
once you enter into the b/ok the choose could choose your 2010 tax guidance and he could comprise it interior the completed kit, it is going to count on the choose, some require which you get your prompt return filed so that's secure, some do no longer
2016-10-02 07:09:16 · answer #3 · answered by Erika 4 · 0⤊ 0⤋
If you still own the property, you pay taxes or you eventually lose it. If the taxes aren't paid it will go to auction for back taxes.
2007-03-02 11:44:27 · answer #4 · answered by blank 3 · 0⤊ 0⤋
Probably. Check with your bankruptcy attorney.
2007-03-02 11:42:55 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Rent-To-Own Home : http://RentToOwnHome.uzaev.com/?wfvw
2016-07-12 01:27:19 · answer #6 · answered by ? 3 · 0⤊ 0⤋
I DONT THINK YOU DO????
2007-03-02 11:29:15 · answer #7 · answered by pittbull mommy 1 · 0⤊ 2⤋