San Diego Housing Market News and Analysis
Short Sale damages: CPA required
User Forum Topic
Submitted by johngaltgirl on December 10, 2009 - 12:39am
Sure hope this is the right forum to post in. We went through a short sale last summer. Ick. I know. Wouldn't recommend it, but we could prove real financial hardship at the time. Many lessons learned over the last 6 years. We were underwater for the better part of 5 years. And our student loans are like another mortgage altogether. Enough excuses. We were basically the kind of home buyer that gets burned at the stake here. Still, I have followed this blog with great interest, even though I found it too late to help our situation.
This year we clearly need a good CPA. We have no idea how to handle the "loss" or loan forgiveness 1099's on these short sale agreements. It looks like the 2nd is trying to collect already (saw that coming... still scared out of my pajamas). We have stock options in the mix and although our debts outweigh our assets (still) I can see a huge tax bill coming. We do not want bankruptcy, but we do want a cpa who is familiar with both (short sales and stock options) and can help us with our taxes. Any suggestions? I'm willing to take a few hits to get a good referral, really.
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