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house boats for sale
1099-C 2008 - How screwed am I ?
I just received a 1099-C for 2008 on a debt that was canceled for a house I did a short sale on. The amount of debt canceled is for $70,831.79. and this is for the 2nd on the house I thinking I will get one for the 1st as well. From what I read, I will have to file this as income along with the 1st which Im pretty sure I will get. If I do this, that will put my income over $150,000. So my question is, how screwed am I ? Will I have to pay a boat load of money to the IRS or how does it work ? Do I get saved by the mortgage act of 2007 ?
Thanks.
The mortgage act does not effect your second loan. Only the original first to buy property.
This is why you did not get one from the first, you do not owe income tax on their loss.
However, this money was cash, you owe on it. You will not know how screwed you are until you figure out the taxes and then of course you have to figure out how to pay them.
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I'd LOVE one….Seattle Houseboats For Sale: Taking A Peek Around The Lake Union Floating Homes Market
serious range of choices for Seattle Houseboats for sale right now!!!
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