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.

 

 

Modify Search Criteria
Displaying results 1-21 of 35
29 Photos 142 Salem Creek Drive Goose Creek, SC 29445

142 Salem Creek Drive
Goose Creek, SC 29445
Liberty Hall Plantation
Residential

MLS# 18032552 / Active Contingent
3 br, 2 ba, 1 Half Bath, 1664 Sqft

Prettiest home in Liberty Hall Plantation! Seller has added the perfect upgrades to this charming floor plan! Custom paint colors, upgraded laminat... 

More Details

$165,000
Provided courtesy of Charleston Homes
14 Photos 4651 Prices Bridge Lane Walterboro, SC 29488

4651 Prices Bridge Lane
Walterboro, SC 29488
Horseshoe
Residential

MLS# 18032395 / Active Contingent
2 br, 1 ba, 740 Sqft

This is the perfect place to get away or live permanently in paradise. Bring your boat because it's right on the river! Siding, windows, electric... 

More Details

$85,000
Provided courtesy of Oswald-Cole & Associates Inc.
12 Photos 1118 Ayers Plantation Way Mount Pleasant, SC 29466

1118 Ayers Plantation Way
Mount Pleasant, SC 29466
Dunes West
Residential

MLS# 18032231 / Active
5 br, 3 ba, 1 Half Bath, 4108 Sqft

Located in desirable Dunes West, you will be close to schools, shopping, restaurants, and just a quick drive to Downtown Charleston and the gorgeou... 

More Details

$750,000
Provided courtesy of RE/MAX Alliance
19 Photos 1335 Camp Road James Island, SC 29412

1335 Camp Road
James Island, SC 29412
Farmington
Residential

MLS# 18031042 / Active Contingent
3 br, 2 ba, 2200 Sqft

Opportunity! This large brick ranch is in a great location on James Island, only minutes to downtown Charleston. The home has some recent updates: ... 

More Details

$250,000
Reduced -$25,000
Provided courtesy of Keller Williams Realty Charleston
2 Photos 240 Austin Creek Court Summerville, SC 29483

240 Austin Creek Court
Summerville, SC 29483
Blackberry Creek
Residential

MLS# 18030165 / Active Contingent
5 br, 3 ba, 3367 Sqft

Fantastic investment opportunity with this 5 bedroom home, that has 2 master suites. Perfect floor plan for entertaining or family gatherings. H... 

More Details

$239,000
Reduced -$6,000
Provided courtesy of Realty ONE Group Coastal
32 Photos 109 Elmwood Avenue Ladson, SC 29456

109 Elmwood Avenue
Ladson, SC 29456
Honey Ridge Villas
Residential

MLS# 18029585 / Active Contingent
2 br, 1 ba, 808 Sqft

** First Floor Flat Conveniently Located in a Quiet Community with Nice Amenities ** Needs TLC ** Short Sale ** Oak Cabinets ** All Brick Low Maint... 

More Details

$63,000
Provided courtesy of eXp Realty Charleston
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... 

More Details

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

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

MLS# 18028347 / Active Contingent
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... 

More Details

$225,000
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... 

More Details

$300,000
Reduced -$23,000
Provided courtesy of Carolina One Real Estate
14 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... 

More Details

$384,000
Reduced -$5,000
Provided courtesy of Coldwell Banker Residential Brokerage
24 Photos 218 Tuscany Court Ladson, SC 29456

218 Tuscany Court
Ladson, SC 29456
Limehouse Villas
Residential

MLS# 18027500 / Active Contingent
3 br, 2 ba, 1 Half Bath, 2006 Sqft

Beautiful 2-story home in quiet Ladson community! As you enter this home you'll immediately notice its rich wood floors and breezy, open floor plan... 

More Details

$200,000
Provided courtesy of RE/MAX Alliance
6 Photos 1522 Boston Grill Road Mount Pleasant, SC 29466

1522 Boston Grill Road
Mount Pleasant, SC 29466
Hamlin Beach
Residential

MLS# 18026798 / Active
6 br, 6 ba, 1 Half Bath, 5497 Sqft

Home priced below market value! BRING ALL REASONABLE AND SERIOUS OFFERS! A must see to appreciate. Home loaded with options i.e. walk-in closets,... 

More Details

$475,000
Provided courtesy of Palm Realty Group, llc
35 Photos 1013 Tyron Circle Charleston, SC 29414

1013 Tyron Circle
Charleston, SC 29414
Grand Oaks Plantation
Residential

MLS# 18025854 / Active
4 br, 3 ba, 1 Half Bath, 3008 Sqft

When you walk in the front door you will immediately notice the 12 foot smooth ceilings throughout the main living areas. This four bedroom three a... 

More Details

$370,000
Reduced -$5,000
Provided courtesy of Matt O'Neill Real Estate
27 Photos 1065 Marsh Court Lane Mount Pleasant, SC 29464

1065 Marsh Court Lane
Mount Pleasant, SC 29464
Marsh Point
Residential

MLS# 18025528 / Active
2 br, 2 ba, 1 Half Bath, 1265 Sqft

Adorable townhouse home in beautiful Mount Pleasant, just seconds from Shem Creek! Enjoy privacy and peace while still close to shopping, dining an... 

More Details

$255,000
Reduced -$5,000
Provided courtesy of RE/MAX Alliance
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... 

More Details

$749,000
Reduced -$50,000
Provided courtesy of Edisto Sales & Rentals Realty
14 Photos 6208 Fieldstone Circle Charleston, SC 29414

6208 Fieldstone Circle
Charleston, SC 29414
Village Green
Residential

MLS# 18025239 / Active
3 br, 2 ba, 1 Half Bath, 2104 Sqft

Easy to show home in popular Village Creek. Large kitchen, separate dining room, screened porch, fenced back yard. First floor just painted. Privat... 

More Details

$265,000
Reduced -$10,000
Provided courtesy of The Boulevard Company, LLC
19 Photos 1263 Wild Goose Trail Summerville, SC 29483

1263 Wild Goose Trail
Summerville, SC 29483
Drakesborough
Residential

MLS# 18024403 / Active
5 br, 3 ba, 1 Half Bath, 2967 Sqft

Almost 3000 square feet in a beautiful, peaceful community! Spacious 5 bed, 3.5 bath home that borders a scenic pond site, with lots of parking and... 

More Details

$213,000
Reduced -$2,000
Provided courtesy of RE/MAX Alliance
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

 

More Details

$219,500
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... 

More Details

$300,000
Reduced -$25,000
Provided courtesy of Carolina One Real Estate
34 Photos 1818 Hocklely Boulevard Charleston, SC 29414

1818 Hocklely Boulevard
Charleston, SC 29414
Carolina Bay
Residential

MLS# 18022315 / Active
4 br, 3 ba, 2019 Sqft

Great location for thisl 4 bedroom, 3 full bath home featuring hardwood floors, granite countertops, and is located on a corner lot with a large fe... 

More Details

$300,000
Reduced -$15,000
Provided courtesy of Carolina One Real Estate
53 Photos 614 Two Mile Run Johns Island, SC 29455

614 Two Mile Run
Johns Island, SC 29455
Grimball Gates
Residential

MLS# 18021494 / Active
5 br, 4 ba, 1 Half Bath, 5000 Sqft

Gorgeous custom-built, elevated, Lowcountry home in the highly sought after gated community of Grimball Gates. Perfect for entertaining, this home ... 

More Details

$600,000
Reduced -$10,000
Provided courtesy of The Boulevard Company, LLC
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 12-15-2018 12:01pm 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 2018 Charleston Trident Multiple Listing Service, Inc. All rights reserved.
Commercial Sale/Lease: Copyright 2018 South Carolina commercial MLS, Inc. All rights reserved. Last updated on 12-15-2018 12:01pm 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.


This real estate website and IDX data is hosted by Dynamic IDX, LLC

Nat Wallen’s marketing campaign sells homes.

Thank You Charleston!

Read More

"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

Read More

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

Read More

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

Read More

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

Read More

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

Read More

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

Read More

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

Read More

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

Read More

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

Read More

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

Read More

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

Read More

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

Read More

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

Read More

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

Read More

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

Read More

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

Read More

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

Read More

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

Read More

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

Read More

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

Read More

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.”


Sell your home with the market leader.