Posts Tagged ‘1099-C’
So You Thought Your Home Foreclosure Was the End of Your Troubles, Huh? ( Part 2)
July 22nd, 2009 | 
Author: Last week we talked about homeowner cancellation of debt tax issues. This week we’re going to talk about another tax consequence related specifically to home foreclosures. Did you know that the tax code treats losing a home to foreclosure as a sale and may result in a taxable gain or loss? (Yes, I am beginning to feel I should recant my statement from last week that Government isn’t entirely heartless.)
Foreclosure may seem like the end of the road, but wait! There's more!
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So You Thought Your Home Foreclosure Was the End of Your Troubles, Huh? ( Part 1)
With unemployment rates Nationwide reaching 9.7% in June 2009, and here in Tampa bay area topping the charts this month at 10.4%, in combination with a dismal housing market many homeowners are facing the grim reality of being stuck between the proverbial rock and a hard place; sell at a loss or default on your loan. Unfortunately, even in these situations there are tax issues that can haunt you down the road…just when you think you’ve gotten through the toughest part of your ordeal.
Obviously this isn’t going to be the sunniest blog I’ve posted, but my hope is that readers can use the knowledge I’m sharing to empower themselves; an important step toward starting the financial and emotional recovery process.