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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199 Fuller Road
Holly Hill, SC 29059
The Ranch
Residential
MLS# 26016854 / Active
New Construction Home in Holly Hill SCWelcome to 199 Fuller Road, located in the Ranch community of Holly Hill, SC, where rural charm blends seamle...
29 Hillcreek Boulevard
James Island, SC 29412
Crosscreek
Residential
MLS# 26016851 / Active
Thoughtfully expanded and upgraded (2025-2026), this 4-bedroom, 2-bath traditional home on James Island lives larger than its 1,939 square feet. Th...
Reduced -$25,000
149 Cantley Way
Holly Hill, SC 29059
The Ranch
Residential
MLS# 26016847 / Active
Holly Hill SC New Home - Private Pond Views, Boat-Friendly Property & Spacious FloorplanWelcome to 149 Cantley Way, a single story home located in ...
2018 Morningside Drive
North Charleston, SC 29405
Morningside
Residential
MLS# 26016846 / Active
The Wren is a thoughtfully designed new construction home in North Charleston featuring an efficient 2 bed, 1.5 bath, 961 sq. ft. floor plan with m...
493 Tulip Poplar Drive
Moncks Corner, SC 29461
Carolina Groves
Residential
MLS# 26016845 / Active
Welcome to 493 Tulip Poplar Drive, tucked into the Carolina Groves community in Moncks Corner a neighborhood where quiet streets, natural surroundi...
Reduced -$4,882
1056 Berry Patch Circle
Summerville, SC 29485
Dunmeyer Hill Estates
Residential
MLS# 26016844 / Active
Quick Commute to Boeing and Highway 26. Built in 2023. Open concept luxury planked first level full of natural light. The kitchen has a large grani...
Increase +$50
145 Cantley Way
Holly Hill, SC 29059
The Ranch
Residential
MLS# 26016839 / Active
New home on a private pond lot near Lake Marion with Open-Concept LivingWelcome to 145 Cantley Way, located in the Ranch community of Holly Hill, S...
4997 Song Sparrow Way
Summerville, SC 29483
The Ponds
Residential
MLS# 26016834 / Active
Welcome home to 4997 Song Sparrow Way in Summerville, where thoughtful upgrades, functional design, and modern comfort come together in one beautif...
139 Cantley Way
Holly Hill, SC 29059
The Ranch
Residential
MLS# 26016833 / Active
5-Bed Home with Pond Views, Office & Open Floor Plan Near Lake Marion + Boat Parking AllowedWelcome to 139 Cantley Way, located in the Ranch commun...
8867 Salamander Road UNIT #38
North Charleston, SC 29406
Pinckney Place
Residential
MLS# 26016832 / Active
Welcome to the Lantern plan at Pinckney Place -- a spacious two-story new construction home on a private semi-fenced in homesite. This open-concept...
Reduced -$10
721 Butterfly Ginger Street
Moncks Corner, SC 29461
Carolina Groves
Residential
MLS# 26016831 / Active
Spacious New Construction Home in Carolina Groves | 3 Bedroom Living in Moncks Corner SC with Resort-Style AmenitiesWelcome home to 721 Butterfly G...
Reduced -$3,460
67 Legare Street UNIT #104
Charleston, SC 29401
Crafts House
Residential
MLS# 26016830 / Active
Have you been waiting for the right historic Charleston property to become available? Then you don`t want to miss this remarkable opportunity to ow...
159 Greenwich Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26016829 / Active
Welcome home to this beautifully maintained property offering the perfect combination of modern finishes, functional living space, and peaceful pon...
3436 Mistletoe Lane
Ladson, SC 29485
Residential
Nestled on a generous 1.85-acre lot, this 2-bedroom, 1-bathroom home offers a unique opportunity to enjoy country-style living while remaining conv...
404 Forsythia Avenue
Summerville, SC 29483
White Gables
Residential
MLS# 26016824 / Active
Welcome to one of White Gables` most beautifully updated homes, featuring timeless Southern charm alongside modern designer style. Nestled beside a...
405 Red Fox
Summerville, SC 29485
Quail Arbor
Residential
Welcome to this beautifully maintained home in the heart of Summerville! Located in the NO HOA neighborhood of Quail Arbor. From the moment you ste...
Reduced -$6,000
440 Chapel Creek Drive
Santee, SC 29142
Chapel Creek Plantation
Residential
MLS# 26016822 / Active
A truly unique offering in the heart of Santee National Golf Club, this home combines golf course living, serene water views with a private dock, a...
Reduced -$1,201
1762 Cainhoy Road
Huger, SC 29450
Residential
MLS# 26016812 / Active
Located minutes from the rapidly expanding Clements Ferry corridor, and just three miles from Charleston`s newest Del Webb community, this property...
911 Woodside Creek Lane
Summerville, SC 29486
Cane Bay Plantation
Residential
Welcome home to 911 Woodside Creek Lane, where single-story convenience feels just right. Nestled in the heart of Cane Bay Plantation--Summerville`...
Reduced -$900
2268 Atlantic Avenue
Sullivans Island, SC 29482
Sullivans Island
Residential
MLS# 26016809 / Active
Designed by Steven Herlong and built by Phillip Smith Builders in 2019, this second-row Sullivan`s Island residence presents elevated coastal livin...
1025 Riverland Woods Place UNIT Apt 220
Charleston, SC 29412
The Retreat At Riverland
Residential
MLS# 26016808 / Active
Enjoy coastal living in this spacious 3rd-floor condo featuring the largest floor plan in the community and a rare ONE-CAR GARAGE!! This well-appoi...
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