I just recivied a 1099 c on a defulted home loan am i responisble for the taxes on 51000? ? - home loan rules
Are there any rules because it is a loan and not a credit card? You should really count this as income?
Wednesday, December 30, 2009
Home Loan Rules I Just Recivied A 1099 C On A Defulted Home Loan Am I Responisble For The Taxes On 51000? ?
1 comment:
This is called an "extra income" on the tax form. See IRS Pub 525th The form is 982nd The IRS considers it a gift for you, but not really the money. If it be your principal residence, where the debt has been canceled, the entire amount covered. If not, then when its liabilities (what the debt) exceeded legacy for many of us is exactly the case, you can view the bankruptcy and the forgiveness of the tax base. Not speak with a tax advisor to ensure that they do not make mistakes on this would be prudent.
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