1
vote
4answers
381 views
How do I treat form 1099-A (from Foreclosure)
I have a client who has received a 1099-A (Aquisition of Secured Property)
I have never seen this form before so I'm unsure how exactly to treat it.
Should I treat this as a 1099 …
1
vote
2answers
84 views
Tax effect of foreclosure
I own a home in Oregon that is not my primary residence. It is in danger of being foreclosed on, but is currently up to date.
As I have only had the home for 3 years, and I am st …
1
vote
4answers
44 views
Selling forclosed business back to owner after he declares bankruptcy
I have a client who sold his business (building, property, equipment, etc) on an installment basis to an S corp in 2006.
The sole stockholder of that S corp is now filing personal …
3
votes
3answers
24 views
Short Sales & Tax Filings
An 80/20 loan through the same bank. They accept shart sale proposal and transaction is closed. If Form 982 is filled out to offset Form 1099 to 0 will this relieve any tax liabi …
3
votes
3answers
23 views
Foreclosure on Mortgages
I have lost my job and my mortgage company is in the process of foreclosing on my home. If they do, will I have to pay tax related to the foreclosure? Will the tax be ordinary inco …
