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roky1970 | My husband and I are in the verge of a forclosure. We've heard of receiving a1099 from the IRS. Do we pay tax? |
What is a 1099? Are we responsible for any taxes after or during the time of forclosure? |
 |
 
David G
|
You DO NOT recieve a 1099 just for being in foreclosure.
You MAY receive a 1099 if
1. You do a short sale and the sale of your home is less than the purchase agreed upon by the buyer and your lender. Your lender MAY 1099 or you MAY elect to sign a promissary not in lie of the 1099. If you do receive a 1099 then the difference would be considered income. However if you have been reading the paper you will be aware that Congress right at this moment is finalizing 2 bills that would suspend this tax so I really would be concered with it.
Real Estate Zen |
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marty medina
|
Yes you will be responsible for taxes when you are foreclosed on. check with a tax attorney or advisor but the way i understand it is that you are responsible for the difference between the loan amount and the amount the home sold for when it was foreclosed on. It is considered income i think. ie. you have a loan for 250k and the bank sells the home for 200k, you are hit with taxes on the 50k difference. Cant you refinance to save your home? There are a list of programs that do not care about credit scores |
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likepepsi
|
First of all, this depends on your state regulations and how the foreclosure is handled so it would be wise to consult with a real estate lawyer to see how you might avoid this potential issue.
If you get a 1099, it will be from the mortgage company (not the IRS) but the mortgage company will give a copy of it to the IRS.
If the mortgage company forgives part of your mortgage loan because you did a short sale, the amount they forgave will be shown as income on the 1099 and you will have to report it on your next tax return. Then you will owe income tax on the amount unless you can meet one of the IRS rules that exempts you from this.
This can be a complex issue with serious tax implications, so please consult with a real estate lawyer. It's beyond what can be positively answered here. |
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mscarriem
|
I am not a tax professional, but I do know if your house forecloses and is sold for less than you owe the bank you will get a 1099 for the amount short, and yes you pay tax on that. I would recommend talking to a tax professional most of them will advice you for free |
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robert w
 |
when u are foreclosed on , u'll recieve a 1099 form from the mortgage company for the balance due. balance due is the amount
( amount owed on loan minus selling price at foreclosure ) . u'll be chased for the difference , fees , interest, etc.. at some time the bank issues a 1099 and in that yr u OWE taxes on it.
figure 25 32% of the amount becomes TAX due. suggest u both get 2nd jobs - u'll need the money.
visit daveramsey.com to get the help u'll need to save ur future. |
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Brad K
 |
If you are issued a 1099, you will incur tax liability. It is up to you and your CPA to dispute or properly characterize it on your taxes.
Before you let your home foreclose...have you tried to sell it? Sell it below what you owe the bank (short sale)? Many banks are allowing a short sale...and in many cases can delay the foreclosure if your house (if that happens anyway), thereby allowing you to live in the house longer without paying the mortgage (or rent in your next home). And, a foreclosure shows up on public record whereas a short sale does not. They do both affect credit, however.
Before your house forecloses or your short sale; you need to talk to an attorney or a CPA to determine your best choices. You have a lot more choices than you realize.
And, enroll in a credit repair program ASAP...to minimize the negative impact of late payments and/or foreclosure on your credit. And, with a short sale...the amount you get 1099'ed for is usually lessened and negotiable. |
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leblanc_brandi
|
yes |
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katierhagen
|
if you would talk to the bank that holds your loan 9 times out of 10 they will work with you so that you are not foreclosed on....unless you lied about you income, then its your own fault. and yes you will have to pay taxes after you are foreclosed on. You will be responsible for taxes from the first of the year until the date of foreclosure and quite a few other things as well. Just because your foreclosed on doesn't mean that you are done with the situation or don't have to pay anything more. |
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John W
|
Yes, and for a simple analogy use this. You owe the bank $100,000.00 for your home. You walk away from the mortgage and the bank sells the house at auction for $50,000.00. The bank/lender will now send the IRS a 1099 for you in the amount of $50,000.00. When you file your taxes, you will have to pay taxes on this $50,000.00. Say at the 28% tax bracket amount you will owe the IRS $14,000.00 in taxes.
there is talk about repealing this, but it has not been signed into law as of yet. |
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confused
|
A 1099 is a form that shows you have received income. Anyone who pays someone over $600 per year is supposed to file a 1099 telling the IRS that they paid the income to that person. So, perhaps your bank is filing a 1099 showing you had a debt forgivness? Until a foreclosure is complete there should be no such filing.
You need an accountant to determine if you owe any taxes to the IRS as a result of foreclosure. |
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Steven C
|
a 1099 is a tax form for misc income, we as agents recieve them because we are independent contractors
from what i have seen being a realtor is there are four options that could happen: 1> Forgive the deficiency 2> 1099 you the home owner and then u r going to pay income tax 3> or a combination of those. 4> they require the owner to obtain a loan for the amount lost (rarely done) i have seen only once in 4 years.
if sold on a "short sale" without negotiating the defficency you will recieve a 1099, unless they do not negotiate. and i have heard even after your home is foreclosed and re-sold that you can recieve a 1099
question for you is this a combo loan like 80% 20% or any other percentage? ususally the 2nd mortgage is uninsured and in a foreclosure/short sale the mortgage may just be forgiven/thrown out. ususally the first mortgage is insured for a 20% loss.
ULTIMATELY U WILL END UP PAYING SOMETHING! |
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David M
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a 1099 is simply a statement of income recieved... usually this reports things like interest income from a savings account or CD.
Good luck and I hope you get back on solid footing soon. |
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OGB
|
I can go on and on about this one. Yes you if........No you don't if you......there are too many variables.
To make sure you get the correct answer, look at this site and read the entire thing.
http://www.irs.gov/pub/irs-pdf/i1099ac_06.pdf
I hope this helps. |
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