If you are considering a real estate short sale of your home, you should be aware that you might receive a form 1099-C for the amount of the lender's losses.

This is considered loan forgiveness in the eyes of the IRS. If you have other assets such as savings and you are not insolvent, you may end up being responsible to pay ordinary taxes on the amount of the 1099-C.

If you settle a debt with a creditor for less than the full amount owed, you may be required to report this forgiven debt as regular income, with certain important exceptions.

The forgiven debts include money owed after foreclosure or property repossession or credit accounts that you don't pay. 

There are exceptions noted below:

If a lender forgives or writes off $600 or more of a debt's principal (the amount not including interest or fees) must send you and the IRS a Form 1099-C at the end of the year. When you file your tax return for the tax year in which your debt was written off, the IRS will require that you report the amount on the form as income.

Fortunately, the Obama administration passed a law stating that if you are short selling your primary residence, you may be exempt from paying taxes even if a 1099 is submitted to the IRS by the lender.

While you may not have received this form from the creditor, the creditor may have submitted one to the IRS anyway. If you don’t list the income on your tax return and the IRS has the information of the transaction on file, you could get a tax bill or, worse, an audit notice. This could end up costing you more than just the original tax bill.

There are several exceptions stated in the Internal Revenue Code. For example, you do not have to report the income on your tax return if the write off of the debt is intended as a gift, you discharge the debt in bankruptcy, or you were insolvent before the creditor agreed to settle or write off the debt. You should consult a qualified tax and legal counsel to see if these circumstances apply.

 

 

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15 Photos 2436 Scholar Lane North Charleston, SC 29406

2436 Scholar Lane
North Charleston, SC 29406
University Park
Residential

MLS# 19008286 / Active
3 br, 2 ba, 1 Half Bath, 1776 Sqft

Beautiful end unit townhouse conveniently located in University Park. This home features a wonderful floor plan offering an open concept kitchen an... 

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$155,000
Provided courtesy of ChuckTown Homes, LLC
23 Photos 130 River Landing Drive Charleston, SC 29492

130 River Landing Drive
Charleston, SC 29492
Daniel Landing Condos
Residential

MLS# 19008124 / Active
2 br, 2 ba, 1291 Sqft

** JUST LISTED ** THIS UNIT/BUILDING HAS MARSH VIEWS SO MAKE SURE TO PAY ATTENTION CLOSELY! ESPECIALLY WITH OUR ATTRACTIVE ASKING PRICE! IT'S AN ... 

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$250,000
Reduced -$25,000
Provided courtesy of Fred Holland Realty
30 Photos 2435 Woodstock Avenue North Charleston, SC 29406

2435 Woodstock Avenue
North Charleston, SC 29406
Northwoods Villas
Residential

MLS# 19006779 / Active
2 br, 1 ba, 1 Half Bath, 1250 Sqft

This beautiful 2 bedroom, 1 Full and 1 Half bath END-UNIT townhouse on a cul-de-sac in Northwoods Villas is conveniently located to shopping, resta... 

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$89,900
Provided courtesy of Johnson & Wilson Real Estate Co LLC
60 Photos 1906 Park Rd Moncks Corner, SC 29461

1906 Park Rd
Moncks Corner, SC 29461
Pimlico
Residential

MLS# 19005531 / Active
6 br, 4 ba, 4695 Sqft

**Amazing opportunity** This unique 6 bedroom, 4 bathroom home is nestled on a large 0.76-acre lot in the quiet and historic neighborhood of Pimli... 

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$500,000
Provided courtesy of Jeff Cook Real Estate LLC
23 Photos 2229 Asheford Drive Charleston, SC 29414

2229 Asheford Drive
Charleston, SC 29414
Asheford Place At Canterbury Woods
Residential

MLS# 19000986 / Active
3 br, 2 ba, 1282 Sqft

Located in Canterbury Woods, you will be close to schools, shopping, and restaurants! Walking in you are greeted by hardwood floors, vaulted ceilin... 

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$230,000
Reduced -$8,000
Provided courtesy of RE/MAX Alliance
27 Photos 225 Pointer Drive Summerville, SC 29485

225 Pointer Drive
Summerville, SC 29485
Quail Arbor
Residential

MLS# 18031683 / Active
3 br, 2 ba, 2147 Sqft

Optional HOA, great 3 bed 2 bath home on .41 of an acre near shopping, hospital and AFB. Prime opportunity to invest in your future home sweet home... 

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$180,000
Reduced -$20,000
Provided courtesy of Realty ONE Group Coastal
1 Photos 710 Rutledge Avenue Charleston, SC 29403

710 Rutledge Avenue
Charleston, SC 29403
Residential

MLS# 18028655 / Active
4 br, 1 ba, 1 Half Bath, 1800 Sqft

Prime Location! Dowtown Charleston minutes from MUSC, Roper,The Citadel, Hampton Park, shopping, and the beaches. Home needs some work but has a l... 

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$380,000
Reduced -$20,000
Provided courtesy of AgentOwned Premiere Group
26 Photos 103 S Norfolk Way Goose Creek, SC 29445

103 S Norfolk Way
Goose Creek, SC 29445
Crowfield Plantation
Residential

MLS# 18028347 / Active
4 br, 2 ba, 1 Half Bath, 2797 Sqft

Great short sale opportunity, make it your own! 4 bedrooms, 2.5 bathrooms with 2800 Square feet. Spacious Kitchen and formal dining room. Fa... 

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$250,000
Reduced -$24,500
Provided courtesy of Carolina One Real Estate
23 Photos 5886 Ryans Bluff Road North Charleston, SC 29418

5886 Ryans Bluff Road
North Charleston, SC 29418
Covington Hills
Residential

MLS# 18027738 / Active
3 br, 3 ba, 3312 Sqft

3 bedroom, 3 bathroom, 1 story home. Spacious eat-in kitchen with breakfast bar, walk-in pantry and wet bar. LARGE formal dining room and family... 

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$250,000
Reduced -$15,000
Provided courtesy of Carolina One Real Estate
18 Photos 164 Palm Cove Way Mount Pleasant, SC 29466

164 Palm Cove Way
Mount Pleasant, SC 29466
Dunes West
Residential

MLS# 18027640 / Active
2 br, 2 ba, 1 Half Bath, 2175 Sqft

This exquisitely upgraded townhome, located in the exclusive Dunes West gated community has MARSH VIEWS from nearly every window making it a privat... 

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$369,000
Reduced -$10,000
Provided courtesy of Coldwell Banker Residential Brokerage
56 Photos 7660 Blue House Lane Edisto Island, SC 29438

7660 Blue House Lane
Edisto Island, SC 29438
Blue House Plantation
Residential

MLS# 18025471 / Active
6 br, 3 ba, 2901 Sqft

The Islands at Blue House - exquisite, ever changing views of wildlife, the creek, marsh,& N. Edisto from your classic lowcountry home nestled in a... 

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$699,000
Reduced -$20,000
Provided courtesy of Edisto Sales & Rentals Realty
1 Photos 112 Durham Drive Goose Creek, SC 29445

112 Durham Drive
Goose Creek, SC 29445
Crowfield Plantation
Residential

MLS# 18023620 / Active
4 br, 2 ba, 1812 Sqft

 

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$195,000
Reduced -$24,500
Provided courtesy of Harbins Two, Inc
35 Photos 1704 Hopeman Lane Mount Pleasant, SC 29466

1704 Hopeman Lane
Mount Pleasant, SC 29466
Charleston National
Residential

MLS# 18022328 / Active
2 br, 2 ba, 1 Half Bath, 1920 Sqft

This is a Short Sale, subject to 3rd party approval and being sold ''As Is''. However it is a beautiful, townhome tucked into a serene Lowcountry s... 

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$315,000
Increase +$15,000
Provided courtesy of Carolina One Real Estate
15 Photos 1100 Legends Club Drive Mount Pleasant, SC 29466

1100 Legends Club Drive
Mount Pleasant, SC 29466
The Legends At Mt Pleasant
Residential

MLS# 18020090 / Active
1 br, 1 ba, 836 Sqft

This 1bd 1ba condo is located conveniently in the Legends at Mt. Pleasant. It is an exclusive, gated community close to Charleston National Golf Co... 

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$150,000
Increase +$5,000
Provided courtesy of Highgarden Real Estate
1 Photos 2465 The Haul Over Johns Island, SC 29455

2465 The Haul Over
Johns Island, SC 29455
Seabrook Island
Residential

MLS# 18018610 / Active
3 br, 2 ba, 1 Half Bath, 2514 Sqft

Easy to show! Home needs updates, but in a great location in Seabrook Island. Back porch looks over an Egret estuary and has views of the golf cour... 

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$465,000
Reduced -$30,000
Provided courtesy of Harbins Two, Inc
4 Photos 2945 Cathedral Lane Charleston, SC 29414

2945 Cathedral Lane
Charleston, SC 29414
Old Towne Villas
Residential

MLS# 18013825 / Active
3 br, 2 ba, 1 Half Bath, 2089 Sqft

End unit Townhome located just off of the golf course. Home is conveniently located near hospitals, West Ashley High School, restaurants, grocery s... 

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$185,000
Reduced -$10,000
Provided courtesy of Harbins Two, Inc
35 Photos 3022 Penny Lane Johns Island, SC 29455

3022 Penny Lane
Johns Island, SC 29455
The Bend At River Road
Residential

MLS# 18013380 / Active
5 br, 2 ba, 1 Half Bath, 2128 Sqft

This is a great buy! ''Potential Short Sale!'' 5 bedrooms and 2.5 bathrooms located on Johns Island in The Bend at River Road. Close to downtown a... 

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$245,000
Reduced -$5,000
Provided courtesy of Carolina One Real Estate
17 Photos 7144 Sweet Grass Boulevard Hanahan, SC 29410

7144 Sweet Grass Boulevard
Hanahan, SC 29410
Tanner Plantation
Residential

MLS# 18005062 / Active
3 br, 2 ba, 1 Half Bath, 1626 Sqft

Very nice 3 BR 2.5 bath home in the highly sought after Hanahan area. Larger open floorplan perfect for the growing family. Large MBR with separa... 

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$226,000
Provided courtesy of AgentOwned Premiere Group
30 Photos 5804 Palmetto Drive Isle Of Palms, SC 29451

5804 Palmetto Drive
Isle Of Palms, SC 29451
Wild Dunes
Residential

MLS# 16012207 / Active
2 br, 2 ba, 1231 Sqft

PRE-APPROVED SHORT SALE! !!!FURNISHED END UNIT WITH GREAT RENTAL HISTORY. THERE IS A WRAP AROUND PRIVATE BALCONY THAT HAS VIEWS OF THE POND AND CO... 

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$550,000
Reduced -$12,000
Provided courtesy of Carroll Realty
Residential, Land, Other Disclaimer:

Broker Reciprocity The data relating to real estate for sale on this web site comes in part from the Broker ReciprocitySM Program of the Charleston Trident Multiple Listing Service. Real estate listings held by brokerage firms other than Carolina One Real Estate are marked with the Broker ReciprocitySM logo or the Broker ReciprocitySM thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers. Last updated on 03-23-2019 2:02 PM EST . The broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision. Copyright 2019 Charleston Trident Multiple Listing Service, Inc. All rights reserved.
Commercial Sale/Lease: Copyright 2019 South Carolina commercial MLS, Inc. All rights reserved. Last updated on 03-23-2019 2:02 PM EST est.

Any images related to data from the MLS is the sole property of the MLS and not the responsibility of the owner of this website.


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Nat Wallen’s marketing campaign sells homes.

Thank You Charleston!

"I did not know there was a contest, so when Charleston City Paper readers voted me as their favorite Realtor, it was really nice. Charleston is a beautiful place, but the people here are what make living here so great!" - Nat Wallen

The Carolina One™ Sign

Every aspect of what makes a sale successful has been carefully dissected for your benefit. Even down to what colors are most memorable and recognizable together on the Carolina One Real Estate sign.

Drone Photography

Luxury properties and large tracts of land need to be viewed from a different perspective to attract a buyer. Standing out to buyers on the web is critical, and drones can make that happen in the right situation.

Luxury Portfolio Program

Carolina One sells more homes over $1,000,000 than any other company in Charleston. Our Luxury Portfolio Program includes high quality peripherals, professional photography and an international marketing reach including the Wall Street Journal, Luxuryhomes.com and our Luxury Homes magazine.

Coming Soon Program

With nearly 1000 agents, I will share your homes as a "coming soon" offering in our private Facebook group. Your home will be exposed to all of the buyers Carolina One agents are working with and will sell your home faster, and for more money... and this may even happen before it is placed on the market.

A Secure Lockbox

The latest technology is utilized to ensure your home is easily accessible and completely secure. You can rest assured that your home will only be accessed by licensed SC Realtors, on your time frame, and on your specific terms.

Showing Appointments

Handling the day-to-day showing appointments is an integral part of the sales process. Nat is able to efficiently arrange showings designed to follow the guidelines that you determine.

High-Quality Photography

Quality photography plays an important role in attracting a buyer for your home. By taking the time to determine the best angle, time of day and what photos to include in your marketing campaign, Nat’s photography speaks volumes.

A Professional Description

Careful attention to details will ensure your home is described and presented in the best light possible. By describing your home accurately and positively, Nat will work with YOU as the seller to craft the best feature and benefit list possible.

Carolina One™ Marketing

Your home sale will benefit with the Carolina One team at work. Through a variety of different mediums, the fully staffed marketing department works to expose your home to all buyers coming into the Charleston area.

The Caravan Tour

Nat Wallen will arrange a Carolina One agent tour of your home. Agents will become familiar with what your home offers by seeing it in person, and can share this information with their clients. In addition, agent feedback provides insightful opinions on the asking price and what will aid in the process.

The “Now Showing” System

Using Carolina One’s exclusive “Now Showing System,” Nat will proactively contact agents currently looking for a home like yours. This proprietary software system will locate agents currently working with buyers that fit the price range and area for your home.

Office Notifications

Carolina One has several offices in the Charleston area. With quality materials and a strong network of active Realtors selling homes each day in your neighborhood, your home sale will benefit with the strength of Carolina One’s agents working together.

Free Home Warranty

An American Home Shield home warranty will be placed on your property at no cost to you. This coverage is provided to you while your home is listed with Nat Wallen of Carolina One Real Estate.

Multiple Listing Service

Nat Wallen takes great care to provide an engaging description and high-quality photography to share your home’s features with all Charleston area buyers.

Buyer E-mail Notifications

With Nat’s knowledge of how to push the MLS features to their full capabilities, each day as buyers come into the market looking for a home like yours, they will receive an e-mail from their agent letting them know it is for sale and ready to be shown.

CarolinaOne.com

With over 80,000 visitors each month, Carolina One’s professional website allows your home’s quality photos, detailed description and availability to be shared with incoming buyers to the area on a local, national and global scale.

Relocation Notifications

Leading Real Estate Companies of the World will be notified of your home’s availability for sale. Composed of 550 firms, 4,600 offices and 140,000 sales associates in over 30 countries, this group of successful real estate agencies send referrals daily.

Mass Realtor Syndication

NatWallen.com is a heavily used Charleston real estate website. In addition to reaching hundreds of buyers visiting each day, your home will be syndicated to over 3,000 Realtor websites.

Multiple Websites

Your property will be listed on NatWallen.com, CarolinaOne.com, Google, CLRSearch.com, Trulia.com, Realtor.com, HomeFinder.com, FrontDoor.com, HGTV.com, SouthCarolina.com, Overstock.com. Yahoo.com, Fizber.com, Charleston.com, Vast.com, Hotpads.com, AOL.com, etc.

Social Networking

Your home will be shared through various social networking portals. Nat controls several Facebook pages and groups. Your property will be shared on pages like “Charleston, SC” - “Fans of Charleston” - “Fans of MUSC” - “Mt. Pleasant SC”- “The Nat Wallen Team” - ”Nat Wallen Real Estate” and “The Best of Charleston.”


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