I’m hoping someone out there may know this or have some info on it. I understand that if you do a short sale, ordinarily you would get something like a 1099 for the difference that is owed to the bank. Equivalent of the bank giving you that money, in essence, as debt forgiveness.
I also understand that thanks to our government, you do NOT have to pay taxes on it any longer, either federally or state.
My question: Does the bank still nevertheless send you a 1099? Or do they not even bother.
To be clear, I know there are no longer any tax repercussions. I basically want to know if people who do a short sale still get some 1099 indicating the bank pardoned them for whatever amount.
To be clear, I know there are no longer any tax repercussions. I basically want to know if people who do a short sale still get some 1099 indicating the bank pardoned them for whatever amount.
To be clear, I know there are no longer any tax repercussions. I basically want to know if people who do a short sale still get some 1099 indicating the bank pardoned them for whatever amount.
To be clear, I know there are no longer any tax repercussions. I basically want to know if people who do a short sale still get some 1099 indicating the bank pardoned them for whatever amount.
To be clear, I know there are no longer any tax repercussions. I basically want to know if people who do a short sale still get some 1099 indicating the bank pardoned them for whatever amount.
