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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171 Highwoods Plantation Avenue
Summerville, SC 29485
Highwoods Plantation
Residential
MLS# 26019293 / Active
Welcome home to this charming 3-bedroom, 2-bath home located in the highly desirable Highwoods Plantation of Summerville. This well-maintained home...
203 Plowden Mill Court
Summerville, SC 29485
Drayton Oaks
Residential
MLS# 26019291 / Active
Come see 203 Plowden Mill Ct, arranged for everyday comfort and practical living. A welcoming fireplace enhances the interior, while the kitchen fe...
106 Maplewood Court
Goose Creek, SC 29445
Crowfield Plantation
Residential
MLS# 26019287 / Active
***Ask about the possibility of receiving 1% reduction in interest rate and free refi.***With standout curb appeal, a functional layout, and a prim...
19 Grand Pavilion Boulevard
Isle of Palms, SC 29451
Wild Dunes
Residential
MLS# 26019285 / Active
Experience effortless beachfront living in the heart of Wild Dunes Resort, where sweeping Atlantic views, direct beach access, and exceptional reso...
2809 Parkers Landing Road
Mount Pleasant, SC 29466
Rivertowne Country Club
Residential
MLS# 26019284 / Active
DEEP WATER PRIVATE DOCK with 7,000 lb boat lift and massive floater for 40`+ boats overlooking Horlbeck Creek! 2809 Parkers Landing in Rivertowne C...
123 Benton Street
Goose Creek, SC 29445
Camelot Village
Residential
MLS# 26019283 / Active
New, New, New!!! This fully renovated one story ranch in desired Camelot Village is move in ready. Home interior features all new flooring (NO CARP...
441 Radiant Blue Way
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26019282 / Active
Brand NEW energy-efficient home! Designer Package Bold Sophistication. The Hurley`s welcoming foyer gives way to the spacious kitchen and open-conc...
Reduced -$10,000
619 Piedmont Lane
Ladson, SC 29456
College Park
Residential
MLS# 26019280 / Active
619 Piedmont Ln is a 1-story Ladson single- home built in 1979 on a cul-de-sac lot. The kitchen is equipped with white cabinetry, stainless steel a...
3176 Hagerty Drive
Charleston, SC 29414
Maclaura Hall
Residential
MLS# 26019277 / Active
Explore 3176 Hagerty Dr, designed for everyday comfort with functional spaces throughout. The kitchen is equipped with all stainless steel applianc...
5033 Song Sparrow Way
Summerville, SC 29483
The Ponds
Residential
MLS# 26019276 / Active
Don`t wait for new construction. This immaculate home with tons of upgrades is truly move-in ready. Upon entering, you will notice the beautiful ha...
1046 Bee Hive Road
Awendaw, SC 29429
Beehive
Residential
MLS# 26019275 / Active
Beautiful, cleared and fenced 1 acre parcel on Beehive Road just steps off Hwy. 17N and minutes from all services and amenities Mt. Pleasant provid...
2592 Jenkins Point Road
Seabrook Island, SC 29455
Seabrook Island
Residential
MLS# 26019273 / Active
Discover Waterfront Elegance. Step inside this rare marsh-front sanctuary and feel the stress of everyday life melt away as you take in sweeping, e...
95 Branch Creek Trail
Summerville, SC 29483
Branch Creek
Residential
MLS# 26019270 / Active
Far from the typical builder-grade townhome, this thoughtfully upgraded residence showcases a level of craftsmanship, design and finish rarely foun...
1852 Mepkin Road UNIT Unit F4
Charleston, SC 29407
Mepkin Place
Residential
MLS# 26019269 / Active
Welcome home to 1852 Mepkin Rd Unit F4 this beautifully updated 2-bedroom, 1.5-bath Condominium in the desirable Mepkin Place community in the hear...
106 Cambell Court
Summerville, SC 29486
Sangaree
Residential
MLS# 26019268 / Active
Move in ready, 4 BEDROOM ranch in Sangaree with HUGE TWO STORY storage shed is available for new ownership!!! This home has it all: Updated fixture...
763 Bent Hickory Road
Charleston, SC 29414
Grand Oaks Plantation
Residential
MLS# 26019267 / Active
Welcome to Grand Oaks, where thoughtful updates, flexible living spaces, and an unbeatable location come together to create the perfect place to ca...
146 Broadstone Drive
Summerville, SC 29486
Sheep Island
Residential
MLS# 26019266 / Active
New construction home with conservation views - just minutes from Nexton!Welcome to 104 Broadstone, a thoughtfully designed new construction home i...
Reduced -$4,362
1129 Lands End Drive
Hanahan, SC 29410
Tanner Plantation
Residential
MLS# 26019265 / Active
Welcome to this stunning custom Charleston Single-style home nestled in Tanner Hall, one of Hanahan`s most desirable neighborhoods. Combining timel...
600 Waterman Street UNIT Unit 732
Charleston, SC 29492
Residential
MLS# 26019262 / Active
Wake up to sweeping Wando River views, breathtaking Lowcountry sunrises, and the ease of maintenance-free waterfront living. Recently taken off the...
413 Cedarview Road
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26019258 / Active
Welcome home to this beautifully maintained 3-bedroom, 2.5 bath, two story home located in a highly desirable community packed with resort style am...
1281 Horseshoe Bend
Mount Pleasant, SC 29464
Sweetgrass
Residential
MLS# 26019257 / Active
Delightful pond site home with unmatched curb appeal in the coveted Sweetgrass neighborhood in Mt Pleasant. This highly desirable location with its...
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