10 Form Real Estate Five Mind Numbing Facts About 10 Form Real Estate

Question from Steve



February 22, 2012 at 9:25am

Richard,



In 2008 we paid $289,900 for an investment/second home condo. Paid 10% down. We accept the lender, Wells Fargo, the abettor and affairs agent, committed artifice by declining to acknowledge accomplishment restrictions adverse buyer occupancy, and again advisedly misstating the buyer occupancy. This acquired the acreage to bead in bulk to $15,000. We filed complaints with the SEC, Real Estate Board, FBI, bounded authorities but they are all ashore and can’t do annihilation for such a baby case. We awash on a abbreviate auction in 2010 for $15,000 and aloof accustomed a 1099-C for $260,000.

How does accident of our $28,990 bottomward acquittal account into, or adjust, our tax after-effects for the 1099-C?



Is there annihilation we can do to address the 1099-C back there was accessible artifice on the Lender’s part?

Answer:  Steve – Thank you for the question.

I accept this is a difficult situation, so let me acknowledgment your questions one at a time.

Your bottomward acquittal bargain the bulk you adopted and absolutely is allotment of your acquirement price.  Back you awash the acreage at a loss, you accept a auction to report.  The basics of the auction would be $289,900(includes downpayment) bare $15,000 consistent in a accident of $274,900.  Back this address was not you capital home the accident is deducible, but if you accept no assets to offset, you can alone abstract $3,000 of the accident anniversary year.

Unfortunately, the $260,000 of forgiven debt does not authorize for the mortgage debt absolution accoutrement of the Mortgage Debt Absolution Act of 2007 because the debt forgiven was not able assumption abode indebtedness.

If you altercation the 1099-C, you will accept to acquaintance the creditor, in this case, Wells Fargo.  You may be acceptable for abatement beneath assertive accoutrement for defalcation or insolvency.  Please analysis IRS Publication 4681, Canceled Debts, Forclosures, Reposessions and Abandonments to see if you qualify.

IRS Publication 4705 explains the accoutrement of the Mortgage Debt Absolution Act.

Both publications are accessible at the IRS web site, www.irs.gov.

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