Question on short sale debt 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

[SD Realtor]

JP as sdrealtor said some do and some don’t each situation varies and depends on how the lender wants to handle it. Also read up on the mortgage debt forgiveness act. I had posted a link on here awhile ago but not all the debt is forgiven carte blanche.

[SD Realtor]

JP as sdrealtor said some do and some don’t each situation varies and depends on how the lender wants to handle it. Also read up on the mortgage debt forgiveness act. I had posted a link on here awhile ago but not all the debt is forgiven carte blanche.

[SD Realtor]

JP as sdrealtor said some do and some don’t each situation varies and depends on how the lender wants to handle it. Also read up on the mortgage debt forgiveness act. I had posted a link on here awhile ago but not all the debt is forgiven carte blanche.

[SD Realtor]

JP as sdrealtor said some do and some don’t each situation varies and depends on how the lender wants to handle it. Also read up on the mortgage debt forgiveness act. I had posted a link on here awhile ago but not all the debt is forgiven carte blanche.

[SD Realtor]

JP as sdrealtor said some do and some don’t each situation varies and depends on how the lender wants to handle it. Also read up on the mortgage debt forgiveness act. I had posted a link on here awhile ago but not all the debt is forgiven carte blanche.

[jpinpb]

Thank you, everyone. I know a couple of people who did a short sale and they said they are off the hook on the taxes. Just wondered if they still get a 1099. I figured for HELOCs maybe people can’t be off the hook. I guess it’s complicated.

[jpinpb]

Thank you, everyone. I know a couple of people who did a short sale and they said they are off the hook on the taxes. Just wondered if they still get a 1099. I figured for HELOCs maybe people can’t be off the hook. I guess it’s complicated.

[jpinpb]

Thank you, everyone. I know a couple of people who did a short sale and they said they are off the hook on the taxes. Just wondered if they still get a 1099. I figured for HELOCs maybe people can’t be off the hook. I guess it’s complicated.

[jpinpb]

Thank you, everyone. I know a couple of people who did a short sale and they said they are off the hook on the taxes. Just wondered if they still get a 1099. I figured for HELOCs maybe people can’t be off the hook. I guess it’s complicated.

[jpinpb]

Thank you, everyone. I know a couple of people who did a short sale and they said they are off the hook on the taxes. Just wondered if they still get a 1099. I figured for HELOCs maybe people can’t be off the hook. I guess it’s complicated.

[jpinpb]

One more question. If somone can clear up one more think. I read the link that UCGal provided. I’m not clear on this part: “If you have owned and used the home as your principal residence for periods totaling at least two years during the five year period ending on the date of the foreclosure, you may exclude up to $250,000”

If the property was rented the last year, but the property was owned for 5 years, would they qualify?

[jpinpb]

One more question. If somone can clear up one more think. I read the link that UCGal provided. I’m not clear on this part: “If you have owned and used the home as your principal residence for periods totaling at least two years during the five year period ending on the date of the foreclosure, you may exclude up to $250,000”

If the property was rented the last year, but the property was owned for 5 years, would they qualify?

[jpinpb]

One more question. If somone can clear up one more think. I read the link that UCGal provided. I’m not clear on this part: “If you have owned and used the home as your principal residence for periods totaling at least two years during the five year period ending on the date of the foreclosure, you may exclude up to $250,000”

If the property was rented the last year, but the property was owned for 5 years, would they qualify?

[jpinpb]

One more question. If somone can clear up one more think. I read the link that UCGal provided. I’m not clear on this part: “If you have owned and used the home as your principal residence for periods totaling at least two years during the five year period ending on the date of the foreclosure, you may exclude up to $250,000”

If the property was rented the last year, but the property was owned for 5 years, would they qualify?

[Author]

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