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Will you receive a 1099-C on a property you were foreclosed on?
Wiki User
∙ 13y ago
Yes, you will receive a form for a foreclosure property that you have abandoned. I just received one and is still lost about it. I don't know what the consequence of it. The best thing I would recommend for you is talk with a tax adviser and see what he or she recommend.
Wiki User
∙ 13y ago
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Are property taxes owed on a foreclosed property by the owner?
The current owner yes, not the one foreclosed on. (And the past owner owes the one that foreclosed for any tax that was due for the period that owner had it).
Where can one learn more about foreclosed property?
Foreclosed property is a legal term for when a lender tries to get their outstanding loan paid. The property owner defaults on payments so the property needs to be recovered.
What are the disadvantages of buying a foreclosed property?
The only two disadvantages in buying a foreclosed property: #1. Tou have to put a mandatory 10% down. #2. The property may have some minor damages due to the prior owner being upset of being foreclosed upon.
Do you need a license to buy foreclosed property?
No license is needed when buying foreclosed property mainly because nothing special is needed to buy property. When a bank auctions off a property all you need is money to buy that property and nothing else
Do you still need to pay property taxes if home is foreclosed?
yes....
Can landlord rent a foreclosed property?
If it is foreclosed then he does not own it. You cannot rent a property that you do not own.
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.
Are property taxes owed on a foreclosed property by the owner?
The current owner yes, not the one foreclosed on. (And the past owner owes the one that foreclosed for any tax that was due for the period that owner had it).
Where can one learn more about foreclosed property?
Foreclosed property is a legal term for when a lender tries to get their outstanding loan paid. The property owner defaults on payments so the property needs to be recovered.
You sold your property in a short sale you did receive a 1099c from the lender GMAC do you have to include this as income on your tax return?
Yes. The cancel of the debt is income to you and absolutely reportable...and has, by that 1099, already been reported to the IRS.
What are the disadvantages of buying a foreclosed property?
The only two disadvantages in buying a foreclosed property: #1. Tou have to put a mandatory 10% down. #2. The property may have some minor damages due to the prior owner being upset of being foreclosed upon.
Do you need a license to buy foreclosed property?
No license is needed when buying foreclosed property mainly because nothing special is needed to buy property. When a bank auctions off a property all you need is money to buy that property and nothing else
How do you become an owner of a foreclosed place as a squatter?
In most states squatting is illegal. If there is a property that is foreclosed and vacant and someone wants to purchase the property they need to contact the bank that owns the property and put in an offer.
Where can one purchase items from a foreclosed office property?
One can purchase items from a foreclosed office property when one contacts the bank which owns the foreclosed office. One should first inspect the items and then one can start negotiating for the best deals.
How can you buy a house after it has been foreclosed and not sold at auction?
You can contact the lender or lien holder who foreclosed on the property and make your offer to them.
Can you still stay in a foreclosed home?
Once a property has been foreclosed upon, the new owner takes possession and you generally cannot continue to stay in the home. It is important to vacate the property before any legal action is taken against you.
Who do you sue if you were assaulted on a foreclosed property the foreclosed owner or bank who owns?
They aren't responsible, how about the person who told you to be there or the person who assaulted you. Maybe nobody. The bank is the legal owner of the property. The former owner has no rights to the property and therefore is not liable. But the first person you should sue is the person who assaulted you, unless they assaulted you in relation to trespassing on a foreclosed property, in which case, you have no case. Consult a Lawyer.
