Real Estate Marketing - Taxes on Short Sale, Loan Modification and Foreclosure - Part 4

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How is Real Estate Marketing - Taxes on Short Sale, Loan Modification and Foreclosure - Part 4

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We had a good read. For the benefit of yourself. Be sure to read to the end. I want you to get good knowledge from Mortgage Interest Rates Today . realestatemarketingthisweek.com - Real Estate Marketing - 1099 C is for Cancellation of Debt Income Only, not for Interest Rate and Payment Reduction - Produced by Dan Havey of Real Estate Marketing This Week Part 4 - So for people who find themselves in a very difficult situation considering these options whether it's a loan modification or a short sale, whatever they need to do to relieve themselves of this particular burden of a mortgage, that for whatever reason they're no longer able to maintain, they are not always considering the tax ramifications associated with taking a specific course of action, like this example the short sale option. Right there is actually two pieces of tax component here, you have the forgiveness of debt income that we talked about, they still have the fact that you sold your house and you have to see if there was a gain on that. Over and above the cost basis of the home. We talked about the 1099Cs a few moments ago, did you say that the lender sends a copy of the 1099C to the IRS? Absolutely. Now I'm the guy for a few minutes ago who bailed on 0000 and sold it for 0000 am I going to get a copy of the 1099C if I haven't given my lender my new address. Well that could be a problem, they will send it to the last address they have on record for you. And as a homeowner it's my problem. The IRS will get a copy, so they will look for it on your return, if you forget to put it on then you're going to get a friendly notice from the IRS. If ...

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