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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1102 Deerberry Road
Hanahan, SC 29410
Briarwood
Residential
MLS# 26018652 / Active
Welcome home to this beautifully maintained 3-bedroom, 2-bath residence in the highly desirable Hanahan area. Whether you`re purchasing your first ...
1009 Golden Aspen Drive
Moncks Corner, SC 29461
Oak Hill Plantation
Residential
MLS# 26018651 / Active
Welcome home to this beautifully maintained 3-bedroom, 2.5-bath residence offering approximately 2,358 square feet of comfortable living space in M...
100 Dellwood Street
Moncks Corner, SC 29461
Oak Hill Plantation
Residential
MLS# 26018650 / Active
Welcome to 100 Dellwood Street in Moncks Corner! This charming 3-bedroom, 2.5-bath home sits on a spacious quarter-acre corner lot, offering plenty...
1026 House Finch Avenue UNIT Cc3-22-12
Ravenel, SC 29470
Homecoming
Residential
MLS# 26018648 / Active
Semi-Custom Quick Move-In! Discover the Sinclair in Homecoming, offering 2,841 sq. ft., 3 Bedrooms, 3 Bathrooms, and premium designer finishes rare...
1028 House Finch Avenue UNIT Cc3-22-13
Ravenel, SC 29470
Homecoming
Residential
MLS# 26018647 / Active
Semi-Custom Quick Move-In | Ready in July! Discover the Calgary in Homecoming, offering 5 Bedrooms, 3.5 Bathrooms, and 3,680 sq. ft. of thoughtfull...
2744 Fountainhead Way
Mount Pleasant, SC 29466
Dunes West
Residential
MLS# 26018644 / Active
Welcome to 2744 Fountainhead Way, a beautifully maintained Lowcountry home behind the guarded gates of Dunes West. Overlooking a peaceful pond with...
104 Forest Lane
Summerville, SC 29486
Sangaree
Residential
MLS# 26018643 / Active
Completely Renovated & Move-In Ready! This beautifully transformed home blends timeless charm with modern upgrades, offering peace of mind with ext...
Reduced -$10,000
409 Rose Wilder Lane
Mount Pleasant, SC 29464
Old Village
Residential
MLS# 26018642 / Active
Located in the Earl`s Court enclave of Old Village, this home offers walkable village living, waterfront access, and quick connectivity to Sullivan...
5122 Hut Creek Rd Lane
Johns Island, SC 29455
Miller's Crossing
Residential
MLS# 26018637 / Active
Move-In Ready! The Monroe on Homesite 28 offers 4 bedrooms, 4.5 baths, including dual primary suites with private en-suite baths, plus a guest suit...
Increase +$10,000
504 W Butternut Road
Summerville, SC 29483
Residential
MLS# 26018634 / Active
Welcome home to this freshly updated gem on almost 1 acre in the Knightsville area of Summerville. This cozy brick ranch boasts LVP floor, new kitc...
3065 Pignatelli Crescent
Mount Pleasant, SC 29466
Dunes West
Residential
MLS# 26018628 / Active
Welcome to this elegant Southern estate situated on a pristine, acre-plus homesite overlooking the 15th fairway. This move-in ready home has all th...
33 Lockwood Drive UNIT H-2
Charleston, SC 29401
The Harborage At Ashley Marina
Residential
MLS# 26018625 / Active
One of the only slips in the Marina with its on finger to dock in. NO ONE NEXT TO YOU!!!! Easy in and out.This 50x18 slip is perfect to get in and ...
1136 N Highway 17a
Moncks Corner, SC 29461
Residential
MLS# 26018624 / Active
TOTALLY RENOVATED HOME in Moncks Corner. Hard to find 6 bedroom, 3 full bath, open concept floorplan. Appraisal in hand at $500,000. Smaller bedroo...
3453 Old State Road
Santee, SC 29142
Residential
MLS# 26018623 / Active
Your Homestead Awaits! This brand-new, move-in ready 2026 Cavco manufactured home offers 2,040sqft of modern living on 2 private acres. With 4 spac...
Reduced -$6,000
104 General Dennis Drive
Summerville, SC 29486
Sangaree
Residential
MLS# 26018621 / Active
Welcome to 104 General Dennis Drive, a fully renovated ranch in the established Sangaree community. This single-story home has been thoughtfully br...
1836 Mepkin Road UNIT Unit 1029
Charleston, SC 29407
Mepkin Place
Residential
MLS# 26018620 / Active
Welcome to Mepkin Place, where modern updates, low-maintenance living, and an unbeatable West Ashley location come together. This beautifully renov...
2111 Atlas Street
North Charleston, SC 29405
Happy Hill
Residential
MLS# 26018619 / Active
Unlock the potential of this rare 9+ bedroom property, ideal for investors or owner-occupants looking to maximize rental income through house hacki...
9798 Seed Street
Summerville, SC 29485
Mckewn
Residential
MLS# 26018618 / Active
Welcome to this beautifully maintained 4-bedroom, 2.5-bath home nestled on a premium wooded homesite in the highly desirable McKewn community. Enjo...
2110 Princess Pond Road
Summerton, SC 29148
Princess Pond
Residential
MLS# 26018617 / Active
Incredible investment opportunity to own one of the most desirable and highly visible waterfront properties on the shores of Lake Marion. Located j...
503 Wodin Place
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018616 / Active
BACK ON THE MARKET DUE TO NO FAULT OF THE SELLERS - Welcome to one of the most iconic homes in all of Carnes Crossroads. Perfectly positioned along...
401 Eastern Pine Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018615 / Active
Beautifully maintained 5-bedroom, 3-bath home with 2,451 professionally measured square feet on a desirable corner lot. The open floor plan feature...
Reduced -$5,100
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