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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335 Cherry Orchard Drive
Summerville, SC 29483
Cherrywood Estates
Residential
MLS# 26019191 / Active
Welcome to our new boutique community in Summerville! Limited lots available! The Lockwood is a stunning 2 Story home that features a double balcon...
303 Cherry Orchard Drive
Summerville, SC 29486
Cherrywood Estates
Residential
MLS# 26019190 / Active
Welcome to our new boutique community in Summerville! Limited lots available! The Lockwood is a gorgeous 2 Story home that features a double balcon...
1417 Endicot Way
Mount Pleasant, SC 29466
Park West
Residential
Welcome home to this beautifully updated, single story retreat! Step inside to find a bright, inviting interior featuring fresh, modern paint throu...
123 Marvin
Summerville, SC 29483
Knightsville
Residential
MLS# 26019185 / Active
The trifecta of all homes just hit the market! This freshly renovated home on over 1 acre in Dorchester District Two has 5 bedrooms, 4.5 bathrooms ...
2903 Siebold Drive
North Charleston, SC 29406
Magnolia Pointe
Residential
MLS# 26019184 / Active
Move-in ready and beautifully maintained, this 3-bedroom, 2.5-bath home offers approximately 1,950 square feet of living space nestled on a quiet c...
3108 Sonja Way
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26019183 / Active
Wake up to tranquil marsh views in Park West, where mornings begin on the screened porch and evenings unfold on the adjoining deck overlooking prot...
5829 Althea Avenue
North Charleston, SC 29406
Oak Grove
Residential
MLS# 26019180 / Active
Newly built, this 4-bedroom, 4.5-bath home features a spacious main-level primary suite with a private ensuite. Elegant columns and a charming doub...
108 Main Ridge Boulevard
Goose Creek, SC 29445
St James Estates
Residential
MLS# 26019179 / Active
Welcome to your own private oasis! Nestled on a beautifully landscaped 1/2-acre lot with NO HOA, this one-of-a-kind home offers the perfect blend o...
106 Glebe Road
Summerville, SC 29485
White Church Place
Residential
MLS# 26019178 / Active
Welcome to this charming 4 bedroom, 2 bath home on a spacious lot in an HOA free neighborhood. The home has undergone a complete renovation featuri...
951 Cottingham Drive
Mount Pleasant, SC 29464
Cooper Estates
Residential
MLS# 26019177 / Active
This townhouse is ready for you to come make it your own. No HOA in a superb South Mt. Pleasant location. Handsome home features brick exterior, tw...
5210 Preserve Boulevard
Ladson, SC 29456
Coosaw Preserve
Residential
MLS# 26019176 / Active
Welcome to Coosaw Preserve! This beautifully maintained 4-bedroom, 2.5-bath home offers a spacious, versatile floor plan with room to entertain, wo...
506 Upland Place
Mount Pleasant, SC 29464
Coopers Landing
Residential
MLS# 26019174 / Active
NEW ROOF! SMOOTH CEILINGS! FRESH PAINT! Situated in the heart of Mount Pleasant within a premier school district and in close proximity to Lucy Bec...
133 Saluda Drive
Santee, SC 29142
Santee Cooper Resort
Residential
MLS# 26019172 / Active
Tucked inside the gates of Santee Cooper Resort just outside Santee, SC at I-95 Exit 98, this beautifully maintained Lake Marion home is the kind o...
300 Flowering Peach Court UNIT Unit 101
Charleston, SC 29414
Shadowmoss
Residential
MLS# 26019169 / Active
Beautifully positioned one-story townhome in Middleborough at Shadowmoss, offering the perfect blend of comfort, convenience, and low-maintenance l...
136 Saint Phillips Row
Summerville, SC 29485
St Phillips Place
Residential
MLS# 26019163 / Active
Classic Charleston single, turnkey condition, under $350K -- 136 St Phillips Row delivers Southern charm and modern convenience in one of Summervil...
370 Chapel Creek Drive
Santee, SC 29142
Chapel Creek Plantation
Residential
MLS# 26019162 / Active
Welcome to 370 Chapel Creek Drive in Santee, SC, where golf, lake living, and Lowcountry charm come together in one exceptional property. This beau...
3569 Henrietta Hartford Road
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26019161 / Active
This 2002 custom-built Lowcountry home sits on a .30-acre corner lot directly across from beautiful Tennyson Park, surrounded by grand oaks, magnol...
1511 Sanborll Landing Drive
Ladson, SC 29456
Hunters Bend
Residential
MLS# 26019160 / Active
Beautifully maintained 3BR/2.5BA home on a .23-acre lot in a desirable neighborhood with a community pool! Built in 2018, this move-in-ready home f...
413 Truman Drive
Goose Creek, SC 29445
Lakeview Commons
Residential
MLS# 26019158 / Active
Conveniently located in Lakeview Commons, 413 Truman Drive offers easy access to some of the Lowcountry`s most popular destinations. Enjoy dinner i...
9779 Transplanter Circle
Ladson, SC 29456
Mckewn
Residential
MLS# 26019155 / Active
Welcome HOME to 9779 Transplanter Circle--a beautifully designed 3 bedroom, 2.5 bathroom townhome offering modern style and an unbeatable location ...
718 Sandpiper Ridge
Edisto Beach, SC 29438
Beach Walk
Residential
MLS# 26019154 / Active
A Place Where Generations Gather! Tucked beneath grand Live Oaks and swaying palmettos, this beautifully maintained beach walk home captures the re...
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