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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274 Clarabelle Lane
Summerville, SC 29483
Six Oaks
Residential
MLS# 26016763 / Active
FIRST FLOOR PRIMARY - The Rutherford floorplan offers spacious, main-level living with the primary suite conveniently located downstairs. Estimated...
5119 Parkside Drive
North Charleston, SC 29405
Park Circle
Residential
Welcome to 5119 Parkside Drive, a beautifully reimagined home in the heart of Park Circle where timeless character meets modern sophistication. Tho...
1082 Old Battery Circle
Charleston, SC 29412
Seaside Plantation
Residential
MLS# 26016758 / Active
Welcome to Coastal Living at its Finest! Located just minutes from the sandy shores of Folly Beach and a short drive to historic downtown Charlesto...
441 Cadbury Loop
Summerville, SC 29486
Creekside at Andrews
Residential
MLS# 26016754 / Active
Welcome to the Pritchard Plan. This 2 story home has an entry that leads to an open layout, kitchen with Island, 42`` cabinets with granite counter...
Reduced -$8,000
425 Cadbury Loop
Summerville, SC 29486
Creekside at Andrews
Residential
MLS# 26016753 / Active
Welcome to the Pritchard Plan. This 2 story home has an entry that leads to an open layout, kitchen with Island, 42`` cabinets with granite counter...
420 Cadbury Loop
Summerville, SC 29486
Creekside at Andrews
Residential
MLS# 26016748 / Active
Welcome to the St. Helena Plan. This 2 story home has a Pocket Office with glass door at the front of the home. Opening up to your open kitchen wit...
905 Hemingway Circle
Summerville, SC 29483
Central Commons
Residential
MLS# 26016746 / Active
Welcome to 905 Hemingway Circle -- a beautifully maintained 2-bedroom, 2.5-bath townhome tucked inside the sought-after gated community of Central ...
213 Hemingway Circle
Summerville, SC 29483
Central Commons
Residential
MLS# 26016742 / Active
Welcome to effortless Lowcountry living in a gated community in one of Summerville`s most desirable and convenient locations! This nicely maintaine...
1045 Refuge Way
Summerton, SC 29148
North Shore
Residential
MLS# 26016736 / Active
North Shore Homes Near Charleston SCWelcome to 1045 Refuge Way, located in the North Shore Community. North Shore is located in the charming town o...
1301 Basildon Road
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26016734 / Active
Welcome to easy living in the heart of Mount Pleasant`s highly sought-after Park West community. This inviting FIRST FLOOR 1BR/1BA condo offers a l...
248 Forest Trail
Isle of Palms, SC 29451
Forest Trail
Residential
MLS# 26016730 / Active
Nestled on a quiet street in the heart of the Isle of Palms, 248 Forest Trail sits on nearly half an acre lot that is shaded by five majestic live ...
1038 Refuge Way
Summerton, SC 29148
North Shore
Residential
MLS# 26016727 / Active
North Shore Homes Near Charleston SCWelcome to 1038 Refuge Way, located in the North Shore community in Summerton, South Carolina. Set along the sh...
Reduced -$135
1130 Silent Harbor Court UNIT K
Mount Pleasant, SC 29464
Snee Farm
Residential
MLS# 26016723 / Active
Welcome to 1130 Silent Harbor Court, Unit K, a beautifully renovated two-bedroom, two-and-a-half-bathroom condo in the heart of Mount Pleasant. Con...
Reduced -$40,000
958 Foliage Lane
Charleston, SC 29412
The Village At Stiles Point
Residential
MLS# 26016721 / Active
Welcome to 958 Foliage, an exceptional 3,315-sq-ft coastal home located in The Village at Stiles Point, one of James Island`s most sought-after com...
483 Tulip Poplar Drive
Moncks Corner, SC 29461
Carolina Groves
Residential
MLS# 26016717 / Active
CAROLINA GROVES BY DR HORTONWelcome to 483 Tulip Poplar Drive, tucked into the Carolina Groves community in Moncks Corner a neighborhood where quie...
Reduced -$3,157
300 Yellow Hawthorn Circle
Summerville, SC 29483
Summer Wood
Residential
MLS# 26016714 / Active
PRIMARY BEDROOM DOWNSTAIRS + END UNIT TOWNHOUSE featuring a highly desirable stylish and modern updates throughout. As you enter you will immediate...
2260 Forest Lakes Boulevard
Charleston, SC 29414
Forest Lakes
Residential
MLS# 26016709 / Active
Tucked away at the end of a quiet cul-de-sac on one of the largest waterfront lots in Forrest Lakes, 2260 Forrest Lakes Boulevard offers a rare ble...
188 Midland Parkway UNIT #222
Summerville, SC 29485
Midland Terrace
Residential
MLS# 26016708 / Active
Midland Terrace is located in the Trolley Road corridor and is within walking distance from grocery stores, banks, hospitals, and many local restau...
303 Clayburne Drive
Goose Creek, SC 29445
Liberty Hall Plantation
Residential
MLS# 26016707 / Active
Welcome home to 303 Clayburne Drive, where space, convenience, and value come together in the sought-after community of Liberty Hall Plantation.Fre...
16 Logan Street UNIT B
Charleston, SC 29401
South Of Broad
Residential
MLS# 26016706 / Active
Nestled within Logan Place, an intimate enclave south of Broad, this charming townhome offers a rare combination of privacy, character, and conveni...
1178 Yough Hall Road
Mount Pleasant, SC 29466
Yaugh Hall
Residential
MLS# 26016705 / Active
NEW PRICE! New Construction Home on nearly 1 Acre in Mt. Pleasant with No HOA! Builder warranty included!Welcome to 1178 Yough Hall Rd - an excepti...
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