Question on short sale debt pardon

[jpinpb]

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.

[jpinpb]

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.

[jpinpb]

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.

[jpinpb]

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.

[jpinpb]

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.

[jpinpb]

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.

[sdrealtor]

some do some dont. not all get a bank pardon.

[sdrealtor]

some do some dont. not all get a bank pardon.

[sdrealtor]

some do some dont. not all get a bank pardon.

[sdrealtor]

some do some dont. not all get a bank pardon.

[sdrealtor]

some do some dont. not all get a bank pardon.

[UCGal]

It expires in 2012 – so it’s not a permanent freebie from the government.

I believe the banks still send the 1099.

Here’s the IRS link

http://www.irs.gov/newsroom/article/0,,id=174034,00.html

[UCGal]

It expires in 2012 – so it’s not a permanent freebie from the government.

I believe the banks still send the 1099.

Here’s the IRS link

http://www.irs.gov/newsroom/article/0,,id=174034,00.html

[UCGal]

It expires in 2012 – so it’s not a permanent freebie from the government.

I believe the banks still send the 1099.

Here’s the IRS link

http://www.irs.gov/newsroom/article/0,,id=174034,00.html

[UCGal]

It expires in 2012 – so it’s not a permanent freebie from the government.

I believe the banks still send the 1099.

Here’s the IRS link

http://www.irs.gov/newsroom/article/0,,id=174034,00.html

[Author]

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