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
Your search returned more than 1500 results (4871). Please refine your filters for better results.
1216 Black Skimmer Street
Summerville, SC 29485
Summers Corner
Residential
MLS# 26017304 / Active
Welcome to 1216 Black Skimmer St., a beautifully maintained 2-bedroom, 2-bath home offering 1,507 sq. ft. of easy, low-maintenance living in a gate...
Reduced -$12,000
3198 Dalmore Drive
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26017302 / Active
Homes in Ravenel, SC | Hillcrest Community Near Charleston & John`s IslandWelcome to 3198 Dalmore Drive in the Hillcrest community of Ravenel, Sout...
Increase +$1,000
3190 Dalmore Drive
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26017301 / Active
New home community in Ravenel, just outside Charleston and minutes from Edisto beach.Welcome to 3190 Aberfeldy Lane in the Hillcrest community of R...
Increase +$1,000
406 King Charles Circle
Summerville, SC 29485
Newington Plantation
Residential
MLS# 26017297 / Active
Welcome to 406 King Charles Circle - a stunning home in the highly sought-after Newington Plantation! Located in an established neighborhood with b...
1204 Pine Bluff Drive
Summerville, SC 29483
Summer Wood
Residential
MLS# 26017294 / Active
BRAND NEW AC JUST INSTALLED!!Welcome to this adorable 2-bedroom, 2.5-bath townhome tucked away in a quiet, private area of the community. This home...
111 Elmwood Avenue UNIT C
Ladson, SC 29456
Honey Ridge Villas
Residential
MLS# 26017290 / Active
Welcome to 111 Elmwood Avenue Unit C, a well-maintained 2 bedroom, 1.5 bath townhome located in the conveniently situated Honey Ridge Villas commun...
8800 Dorchester Road UNIT #1601
North Charleston, SC 29420
Villas At Charleston Park
Residential
MLS# 26017289 / Active
Ranch villa. Maintenance free living. Beautiful home move in ready 2/2bath open concept beautiful kitchen . Hardwoods throughout. Attached two car ...
1151 Quick Rabbit Loop
Charleston, SC 29414
Hunt Club
Residential
MLS# 26017288 / Active
Welcome Home to 1151 Quick Rabbit Loop in Hunt Club where thoughtful upgrades, quality craftsmanship and exceptional upkeep come together to create...
310 Fish Creek Court
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017287 / Active
BEAUTIFUL HOME WITH RESORT LIVING IN AN ACTIVE 55+ ADULT GATED COMMUNITY. OPEN FLOOR PLAN WITH TONS OF NATURAL LIGHT THROUGHOUT, INCLUDES ALL BLIND...
109 Bolsena Court
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017286 / Active
Welcome to this beautifully upgraded home located on one of the largest lots in the community, tucked away in a quiet cul-de-sac overlooking the po...
2627 Alamanda Drive
Johns Island, SC 29455
The Cottages At Johns Island
Residential
MLS# 26017285 / Active
Tucked on a quiet street on Johns Island, this charming 3-bedroom, 2.5-bath home checks all the boxes -- peaceful wooded lot, low HOA, X flood zone...
Reduced -$19,100
1756 Batten Drive
Charleston, SC 29414
Boltons Landing
Residential
MLS# 26017284 / Active
Stunning Pond Views | Turnkey & Move-in Ready Welcome to your dream home! This beautifully maintained, open-concept home offers the perfect blend o...
1363 Pinnacle Lane
Charleston, SC 29412
Meridian Place
Residential
MLS# 26017282 / Active
Don`t miss your chance to enjoy single story living in this cozy END UNIT right in the middle of everything! You can zip downtown in 7 miles OR dri...
155 Wingo Way UNIT #467
Mount Pleasant, SC 29464
Tides IV Condominiums
Residential
MLS# 26017281 / Active
THIS Tides IV condominium (Unit 467) is the preeminent place to live in Mount Pleasant! Nestled at the foot of the Ravenel Bridge you will have qui...
134 Fernbank Road
Johns Island, SC 29455
Rhetts Cove
Residential
MLS# 26017280 / Active
Seller Incentive: 4.99% fixed interest rate on FHA/VA loans or a 5.5% conventional buydown plus $7,500 in closing costs with the use of our preferr...
Reduced -$10,000
614 Du Bois Drive
Johns Island, SC 29455
Indigo Grove
Residential
MLS# 26017278 / Active
5.5% Conventional 30-year fixed loan program offered on this home for primary residences! This beautiful coastal inspired home with main level prim...
Reduced -$30,000
213 Brailsford Road
Summerville, SC 29485
Quail Arbor V
Residential
MLS# 26017276 / Active
Welcome to 213 Brailsford Road, a beautifully updated home located in the highly desirable DD2 School District of Summerville, SC. Tucked away in t...
477 Caledon Court
Johns Island, SC 29455
Indigo Grove
Residential
MLS# 26017275 / Active
30-year fixed rates as low as 4.99% for primary residences! Ideally located at the foot of the Maybank Hwy Bridge, this elegant townhome sits on a ...
Reduced -$10,000
8867 Salamander Road UNIT #60
North Charleston, SC 29406
Pinckney Place
Residential
MLS# 26017273 / Active
ALL APPLIANCES INCLUDED! Ask about our Down Payment Assistance Program! Welcome home to The Ross, a well-designed 3-bedroom, 2.5-bath home offering...
Reduced -$10
117 Wando Reach Road
Wando, SC 29492
Wando Pointe
Residential
MLS# 26017272 / Active
The Solomon is a coastal-inspired home that blends elevated design with everyday comfort. Featuring a raised foundation and drive-under garage, thi...
1967 Armory Drive
Mount Pleasant, SC 29466
West Point
Residential
MLS# 26017271 / Active
Welcome to 1967 Armory Drive, a beautifully renovated single-story home in the highly desirable West Point neighborhood of Mount Pleasant. Ideally ...
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 EXP Realty LLC 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 07-10-2026 8:01 AM 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 2026 Charleston Trident Multiple Listing Service, Inc. All rights reserved.