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Do I have to claim a cancelled debt in 08 as income on your taxes if it was for a second mortgage?
Wiki User
∙ 15y ago
I had a debt settled in February of '08. The debt was settled for the amount they proposed and the amount of debt cancelled was for $ 12,153.04. I received a Substitute form 1099-C Cancellation of Debt. However, it was for a 2nd mortgage and I was unemployed during the months that I settled the debt. I am being told that laws put in place for 07 & 08 protect me from claiming this $ 12,153.04 as part of my income. Directly on the 1099C form it states... " DO not report a cancelled debt as income if you did not deduct it but would have been able to do so on your tax return if you had paid it. Also do not include cancelled debts in your income to the extent that you were insolvent. " Can you please tell me if I have to claim this as income in 2008? I thought Obama was allowing forgiveness in his mortgage stimulus for people who were able to get out from under these BAD loans! Which this one was??
Wiki User
∙ 15y ago
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Can you claim mortgage interest on income taxes on your NY home and live in Florida?
On your federal income taxes, you are allowed to claim a mortgage interest deduction for your principal residence and one other residence of your choice. It does not have to be in the same state. In addition, you are allowed to claim the interest on all rental or business properties.
Who benefits from a mortgage insurance claim?
The real beneficiary from a mortgage insurance claim is ultimately the insurance company that provided you with the mortgage insurance in the first place.
Can you claim banruptcy on second mortgage's?
Yes, but it would be very unlikely you would be able to keep your home as it is the collateral the loan was made against.
Can one person claim head of household and the other claim mortgage interest?
yes
What is a mortgage lien?
Mortgage Lien - Is a legal claim against a mortgaged property that must be paid or assumed when the property is sold. The person who has the lien on the property can claim the property if the loan defaults. The mortage lien typically belongs to the lender in order to secure the mortgage loan.
Do you have to claim the income if renters pay less than the mortgage?
Yes, it is still income, regardless of your expense. You should, however, be able to claim the shortfall as a tax write-off.
Can you claim mortgage interest on income taxes on your NY home and live in Florida?
On your federal income taxes, you are allowed to claim a mortgage interest deduction for your principal residence and one other residence of your choice. It does not have to be in the same state. In addition, you are allowed to claim the interest on all rental or business properties.
Can you claim mortgage interest with quit claim deed if you are not on the mortgage?
You must be making the payments to claim the interest. However, if you are not on the mortgage there could be an issue.
Can a claim against your homeowners be cancelled after it has been reported?
Generally, a claim can be cancelled. If you do not want the insurance to pay a claim, the company will be glad not to pay it.
If payments have been made to the second mortgage but not to the first Mortgage can the first mortgage holder reclaim any of those payments from the second mortgage holder?
No, the first lien hold cannot claim or collect any monies from the 2nd lien holder. The lien holders sole recourse is with the borrower.
If you are on a mortgage you have to claim half of the interest by Texas law?
If you are on a mortgage you have to claim half of the interest by Texas law?
Will Chapter 7 bankruptcy clear you from paying taxes on 1099 second mortgage home?
Huh? Your question is really hard to understand...but if your asking if you have to pay taxes on the interest shown on the 1099 from your second mortgage co, because you filed BK: THAT IS NEVER INCOME...IT IS ALWAYS AN EXPENSE and in fact, a TAX DEDUCTION...don't claim it if you don't want..but that would be foolish. Of course not understanding even the basic difference between income and expense, and what is good for you and what isn't, may be why you are a bankrupt!
Who benefits from a mortgage insurance claim?
The real beneficiary from a mortgage insurance claim is ultimately the insurance company that provided you with the mortgage insurance in the first place.
Can a claim be cancelled?
yes, if it is single party.
Can your ex claim you as a dependent if you did not have earned income but you owned a house and lived with her She paid all living expenses but you paid your mortgage and other expenses on your house?
Yes. Since she has a job, she is filing her taxes on the income she received last year. If at any time, you were supported by her (in full or part), she can claim you.
Can car loans submit your debt to IRS as income and make you pay taxes?
They must submit the amount of cancelled debt...outstanding debt they claim as still due, they could not report.
Can you claim banruptcy on second mortgage's?
Yes, but it would be very unlikely you would be able to keep your home as it is the collateral the loan was made against.
