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Does anyone have good information regarding short sales and 1099?

Should I get a 1099 after short sale of a house, and what should be on it?

asked by candy (72)

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Tags:  debt  loans  real estate  taxes

answers

A 1099 simply reports income other than taxed wages. For example, if a debt of $10,000 is settled for $6000, the $4000 different would be considered income. Because it is in excess of $599, the creditor is required to issue a 1099, which will state simply the dollar amount.

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posted by patti (17879)
7 votes

Short sales are actually easier to document than regular sales. Fill out the 1099 as usual with purchase and resale price. You don't have to worry about the "taxable improvements".

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posted by mb (5457)
5 votes

Yes, you should get a 1099 for the short sale of your home. Only the amount the bank "forgave' should be on it. You will pay taxes on this amount.

3 votes

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