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Have you received form 1099-C from your lender yet?
March 14th, 2011 3:32 PM by Sam Kader MLO130505
Lenders who write off unpaid mortgage balances are required to mail out form 1099 C. If you've had mortgage debt cancelled due to loan modifications or short sales or foreclosures but have never received a 1099-C from your lender, get in touch and request if to avoid federal tax hassles. Per
the IRS Mortgage Forgiveness and Debt Cancellation Act of 2007
– You do not have to report it as income. However, you must report it on
Form 982
. Review IRS Publication 4681 for additional filing details. As always - consult with your accountant for further advise.
Posted in:
General
Posted by Sam Kader MLO130505 on March 14th, 2011 3:32 PM
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