0
If you do a Deed in Lieu on your house instead of foreclosure how will that affect your taxes next year Will you suffer with a 1099-c due to a Deed in Lieu?
Wiki User
∙ 15y ago
Generally not. These are normally structured so it essentially the lender buying the property for for the amount of the outstanding loan. The difference in the value, is paid by your facilitating the transaction if you will. There is no forgiveness of debt.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
Do you have to file a 1099c for credit card debt that was discharged in chapter 7 bankruptcy?
The debtor does not "file" a 1099C. The debtor may receive a 1099C from the creditor which also sends it to the IRS. The discharge of the debt in bankruptcy nullifies the 1099C. There is a form or a part of the 1040 set for disclosing this information to the IRS.
Do you owe the difference on a 1099C?
See my answer to post on "collections after 1099c???" Do you mean owe the difference to a creditor? Answer no 1099c is a confirmation that a debt has been canceled by the creditor. No further obligation of repayment by debtor is expected or can be requested. This may be income to you according to the IRS whom also gets a copy of the 1099c.
Can I not report 1099c on Massachusetts state tax?
If a copy of 1099C has not been sent to the state, how would the state know?
If you had a credit card debt of 14000 and settled and paid off half of that amount and received a 1099c for the other half of the amount not paid how does this affect your filing of taxes?
The amount shown on the 1099C is considered taxable income under IRS regulations and should be reported as such when filing ones tax return.
Does a 1099C mean the creditor has cancelled the debt?
Yes. A 1099C is confirmation from the creditor or lender that the debt has been cancelled and collection efforts have ended. The bad news is, the amount shown on the 1099C is considered taxable income and must be claimed on your federal tax return.
Do you owe the difference on a 1099C?
See my answer to post on "collections after 1099c???" Do you mean owe the difference to a creditor? Answer no 1099c is a confirmation that a debt has been canceled by the creditor. No further obligation of repayment by debtor is expected or can be requested. This may be income to you according to the IRS whom also gets a copy of the 1099c.
Do you have to file a 1099c for credit card debt that was discharged in chapter 7 bankruptcy?
The debtor does not "file" a 1099C. The debtor may receive a 1099C from the creditor which also sends it to the IRS. The discharge of the debt in bankruptcy nullifies the 1099C. There is a form or a part of the 1040 set for disclosing this information to the IRS.
Can I not report 1099c on Massachusetts state tax?
If a copy of 1099C has not been sent to the state, how would the state know?
How do you get a 1099c?
See my answer to post "Collections after 1099c???" A creditor will send you, the debtor, (and the IRS) a copy if they have decided to cancel (forgive) your debt by issuance of a 1099c which means they will give up their right to any further collection of this debt.
If you had a credit card debt of 14000 and settled and paid off half of that amount and received a 1099c for the other half of the amount not paid how does this affect your filing of taxes?
The amount shown on the 1099C is considered taxable income under IRS regulations and should be reported as such when filing ones tax return.
Can a car get repo after 1099c?
Yes
Does a 1099C mean the creditor has cancelled the debt?
Yes. A 1099C is confirmation from the creditor or lender that the debt has been cancelled and collection efforts have ended. The bad news is, the amount shown on the 1099C is considered taxable income and must be claimed on your federal tax return.
If my home goes to foreclosure and I don't file bankruptcy will I have to pay the difference owed?
You are responsible for it, although how hard it is pursued depends...if you have other assets of value...expect it to be pursued fairly strongly. If it is forgiven, it becomes taxable income, you will receive a 1099C for the amount and pay tax on the amount forgiven.
Is the loan balance collected from the servicer in a foreclosure?
In a foreclosure the proceeds from the sale go to the servicer, who in turn remits those funds (minus any costs and fees owed to the servicer and its affiliates) to the investor on the loan (lender or agency). If there is a deficiency, the difference may be written off and a 1099c issued to the debtor, effectively ending the matter, or if legally allowable the lender may pursue the debtor through a collection agency or the courts.
What year did the 1099c come into effect?
"http://wiki.answers.com/Q/What_year_did_the_1099c_come_into_effect" 1796
Can you sue a bank for not sending you a 1099C when it was mailed to the IRS?
No. It is highly doubtful that the bank did not send the notice as it is in their best interest to do so and also it is the law. The debtor could request proof that a 1099C was sent to them and it is almost a certainty that there will be proof.
What is 1099C means?
1099 cc ? 1099 cubic centimetres Nominal engine capacity, (bore * stroke) * number of cylinders
