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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7523 Indigo Palms Way
Johns Island, SC 29455
Indigo Hall At Hope Plantation
Residential
Welcome to Indigo Hall, where refined design and effortless Lowcountry living come together in this brand-new home. Thoughtfully designed with a sp...
1116 Old Wiggins Road
Holly Hill, SC 29059
Cross Area (east)
Residential
MLS# 26018223 / Active
Welcome to the perfect blend of timeless Southern charm and modern peace of mind. Situated on 1.13 private acres with no HOA, this beautifully main...
2418 Double Oak Drive
Charleston, SC 29414
Double Oaks
Residential
MLS# 26018222 / Active
Welcome Home! This charming single-story ranch offers the perfect combination of comfort, convenience, and style. Freshly painted throughout, the h...
2539 Bengal Road
North Charleston, SC 29406
Northwood Estates
Residential
MLS# 26018219 / Active
Situated on a spacious corner lot surrounded by mature trees, azaleas, and established landscaping, this beautifully maintained home offers both pr...
Reduced -$9,900
21 George Street UNIT #105
Charleston, SC 29401
George And Society
Residential
MLS# 26018217 / Active
Walk everywhere! Located in the heart of Charleston`s Historic District, this fully renovated 2007 2-bed, 2-bath condo is just yards from King Stre...
3068 Dalmore Drive
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26018216 / Active
Just reduced! Why wait for new construction when you can buy a move in ready home with upgrades galore including irrigation, gutters and paver pati...
Reduced -$6,999
2737 Battery Pringle Drive
Johns Island, SC 29455
Stonoview
Residential
MLS# 26018215 / Active
In the heart of Johns Island, within the highly sought-after waterfront community of Stonoview, 2737 Battery Pringle blends everyday comfort with a...
6062 Grangestone Lane
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26018214 / Active
Discover Hillcrest: New Single-Family Homes in Ravenel, SC Near Edisto Beach & West AshleyWelcome to 6062 Grangestone Lane in the Hillcrest communi...
Reduced -$3,510
402 Bering Lane
Summerville, SC 29486
Residential
MLS# 26018213 / Active
Imagine 402 Bering Ln, arranged for everyday practicality with a layout centered on daily use. The kitchen contains all stainless steel appliances ...
1752 Towne Street
Johns Island, SC 29455
The Cottages At Johns Island
Residential
MLS# 26018211 / Active
Welcome to 1752 Towne Street in The Cottages at Johns Island! This charming 3-story home offers 2,052 square feet of flexible living space, a highl...
Reduced -$25,900
3995 Aberfeldy Lane
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26018210 / Active
Discover Hillcrest: New Single-Family Homes in Ravenel, SC Near Edisto Beach & West AshleyWelcome to 3995 Aberfeldy Lane in the Hillcrest community...
Reduced -$1,355
6046 Grangestone Lane
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26018209 / Active
Discover Hillcrest: New Single-Family Homes in Ravenel, SC Near Edisto Beach & West AshleyWelcome to 6046 Grangestone Lane in the Hillcrest communi...
Reduced -$3,510
6034 Grangestone Lane
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26018207 / Active
Discover Hillcrest: New Single-Family Homes in Ravenel, SC Near Edisto Beach & West AshleyWelcome to 6034 Grangestone Lane in the Hillcrest communi...
Increase +$1,000
6050 Grangestone Lane
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26018205 / Active
Hillcrest - A community convenient to Charleston, HWY 17, and Edisto.Welcome to 6050 Grangestone Lane in the Hillcrest community of Ravenel, South ...
Increase +$1,000
6026 Grangestone Lane
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26018204 / Active
Hillcrest - A community convenient to Charleston, HWY 17, & Edisto.Welcome to 6026 Grangestone Lane in the Hillcrest community of Ravenel, South Ca...
Increase +$1,000
224 Myrtle Way
Summerville, SC 29483
Brookwood
Residential
MLS# 26018203 / Active
Move-in ready with the possibility of a quick closing, this beautifully maintained one story home offers easy living on a quiet cul-de-sac lot with...
Reduced -$10,000
3170 Dalmore Drive
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26018202 / Active
Hillcrest - A community convenient to Charleston, HWY 17, & Edisto beach area.Welcome to 3170 Dalmore Drive in the Hillcrest community of Ravenel, ...
Increase +$500
1862 O'Leary Circle
Summerville, SC 29483
Six Oaks
Residential
MLS# 26018196 / Active
Meet the Guilford plan in Six Oaks by Mungo Homes! This floorplan features 4 bedrooms, 2.5 bathrooms, a covered porch off the back of the home, a l...
261 Loocock Drive
Goose Creek, SC 29445
Royal Oaks
Residential
MLS# 26018194 / Active
This fantastic Beazer made home in desirable Royal Oaks is ready for new owners. Upon entering, downstairs provides a formal dining room, ample liv...
Reduced -$10,000
1744 Alan Brooke Drive
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26018193 / Active
Experience the charm of Lowcountry living in this beautifully maintained Charleston Single-style home nestled within the desirable Village section ...
128 Boyle Way
Summerville, SC 29485
Boyle Plantation
Residential
MLS# 26018191 / Active
Welcome to 128 Boyle Way, a stunning custom-built estate nestled on nearly four private acres within the prestigious gated community of Boyle Plant...
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