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Tax info after a short sale

post #1 of 5
2/1/11 at 9:59am
Thread Starter 

We did a short sale on our house in 2010. I know that Obama signed a bill so we won't pay taxes on the difference, but I know that I need to include the info in my taxes. Does anyone know if I should be expecting something from the mortgage company specific for taxes or is there paperwork they already sent me that I use? I want to do my taxes ASAP but I don't know if I need to wait for something else.

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post #2 of 5
2/6/11 at 8:35am
Thread Starter 

No one???

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post #3 of 5
2/6/11 at 8:55am

my advice is to talk to a tax specialist or call your mortgage company directly and ask them.  Not that there are not mamas here who know a thing or two but I wouldn't not want to take a chance on a fine for filing incorrectly.

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post #4 of 5
2/6/11 at 10:05am

Oh, I had forgotten about that bill saying we don't have to pay taxes on it! OMG what a relief. We did a short sale in 2010 also.

 

We got something from our mortgage company, a form 1099C. They actually sent us four identical copies, so I'm just going to take them all to my tax lady.

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post #5 of 5
2/6/11 at 1:56pm
Yes, you should get a 1099C from the mortgage company. You still have to report the money, I think it's a form 928?, but most people will not be obligated to pay taxes on the income.
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