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Do you pay income tax on the money forgiven on a home foreclosure or short sale or key turnover?
Wiki User
∙ 12y ago
Yes. You will receive a form 1099-C for debt cancellation on a home foreclosure, credit card debt cancellation, auto loan failure to pay, etc. Just because you get a form does not mean you will have to pay taxes on the money. You just have to complete extra forms and possibly pay taxes on any gain you had from the cancellation.
Wiki User
∙ 12y ago
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Is money received as surplus from a foreclosure taxable?
Not only money received but also debts forgiven from credit cards, car loans, etc. Any and all debts forgiven or wiped away through bankruptcy courts are taxable as income.
What is gross turnover?
Your gross turnover is how much money you have made before you subtract or take out your expenses. Once the expenses are deducted, this will give you your income.
Is annual turnover the income of sales for a company?
Annual turnover is annual sales revenue. The money which is generated from selling a product or service. This must not be confused with annual income because income is associated with profits and with income tax while turnover is not! Turnover is the language used by businessmen when asked what their sales figures are for the month or year. It is also used as a management tool to manage and compare the performance of a business with previous years and also with market competitors. If the turnover is high, it does not mean the income is high, because turnover is simply the starting point before profits are calculated and before gross and net income can be ascertained.
Is turnover the same as profit?
No !! Turnover is the amount of money that is used for the business to trade, profit is the amount of money that is left after the costs of the business have been subtracted from the income from the business. turnover in general sense means the total revenue derieved by an enterprise from its primary business . however different rules and provisions of various laws and acts define turnover differently . There cannot be any stable definition for turnover .
1099-A acquisition and abandonment. am I responsible for taxes?
YES YOU HAVE TO PICK THIS IS AMOUNT OF MONEY UP AS INCOME. SAME AS FORGIVEN DEBT.
How can you have a foreclosure deficit forgiven?
To have something forgiven it implies an agreement between the borrower and the lender. If there is money owed even after the property has been sold the borrower can use bankruptcy to clear personal debt. Consult with an attorney to understand the implications of any such action or to have an agreement to forgive the debt reviewed.
What happens to your down payment in foreclosure?
The money is gone after foreclosure.
What was turnover of Reliance money?
250000
You are a disabled widow your home is going in foreclosure can the bank make you pay back the loan on a fixed income?
Did this hypothetical widow borrow the money? If so, then yes.
Can you be forgiven for stealing money from another?
You can certainly be forgiven for stealing money from another. You may, however, still have to face criminal penalties.
What does business turnover for the month mean?
MONEY AND STUFF MONEY AND STUFF
If you have a lien on the house going into foreclosure will you get your money?
No
