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 (4874). Please refine your filters for better results.
212 Tyner Trail
Summerville, SC 29486
Tyner Trail
Residential
MLS# 26019444 / Active
Welcome to 212 Tyner Trail, a beautifully maintained 3-bedroom, 2.5-bathroom townhome offering 1,767 sq. ft. of comfortable living space. The open-...
1111 Fitzgerald Court
Summerville, SC 29485
Summers Corner
Residential
MLS# 26019443 / Active
**Sellers offering $5k towards buyers closing costs!!* Why wait to build when you can move right in with more! Located in the highly sought after S...
522 Killdeer Road
Summerville, SC 29486
Nexton
Residential
MLS# 26019441 / Active
Welcome to 522 Killdeer Road, a beautifully maintained 4-bedroom, 2.5-bath home offering 2,772 square feet of thoughtfully designed living space. T...
1436 Kinglet Street
Mount Pleasant, SC 29464
Cassina Heights
Residential
MLS# 26019439 / Active
Experience the pinnacle of new construction luxury in this meticulously designed 5 bed, 3.5 bath home. You`re welcomed by soaring 10 ft ceilings, c...
8831 Kellum Drive
North Charleston, SC 29420
Charleston Park
Residential
MLS# 26019438 / Active
Professional Photos Coming Soon! Welcome home to 8831 Kellum Drive, where generous living spaces and everyday comfort come together in this invitin...
2446 Cherokee Hall Lane
Charleston, SC 29414
Myrtle Grove
Residential
MLS# 26019437 / Active
Welcome home to this beautiful updated 4-bedroom, 3-bath in the heart of West Ashley! This move-in-ready home features newly installed cabinets & g...
1908 NE Calvert Street
North Charleston, SC 29405
Chicora Place
Residential
MLS# 26019435 / Active
Investment opportunity!!! right across from an established Air-Bnb.
17 8th Avenue UNIT 17c
Charleston, SC 29403
Wagener Terrace
Residential
MLS# 26019433 / Active
Welcome to 17C 8th Avenue, a charming 3-bedroom, 1-bath home in the heart of desirable Wagener Terrace. With 1,088 square feet of thoughtfully desi...
1716 Bowline Drive
Mount Pleasant, SC 29466
Dunes West
Residential
MLS# 26019431 / Active
Morning Golf. Afternoon Boating. Sunset by the Fire.Welcome to Waterfront Living at Its Finest.Set on 1.5 private acres along the deep waters of th...
1083 Wayfarer Lane
Charleston, SC 29412
Bayview Farms
Residential
MLS# 26019430 / Active
Enjoy this well kept home in beautiful and desirable Bayview Farms . The living room dining room combination has vaulted ceilings and a fireplace ....
1102 Huger Street
Moncks Corner, SC 29461
Limerick Woods
Residential
MLS# 26019428 / Active
Well maintained home located in the heart of Moncks Corner with no HOA! Featuring an open floor plan with vaulted living room ceilings making the a...
5340 Sumters Run
North Charleston, SC 29418
River Chase
Residential
MLS# 26019427 / Active
Welcome to 5340 Sumters Run, Brand-new custom luxury ranch! Jaw-dropping curb appeal welcomes you with premium front stone siding. Inside, a sun-dr...
623 Barn Road
Bonneau, SC 29431
Bonneau Estates
Residential
MLS# 26019426 / Active
Welcome to 623 Barn Road in Bonneau, a beautifully updated 4-bedroom, 2-bath home offering the perfect blend of modern comfort and laid-back Lowcou...
106 Lucia Street
Charleston, SC 29492
Codners Ferry Park
Residential
MLS# 26019424 / Active
Experience timeless Lowcountry charm the moment you arrive - a welcoming wraparound front porch and picturesque English garden with custom brick ma...
284 Spencer Circle
Summerville, SC 29485
Shady Oaks
Residential
MLS# 26019420 / Active
***Ask about the possibility of receiving 1% reduction in interest rate and free refi.***Located in the Shady Oaks community of Summerville, this e...
114 Poplar Circle
Summerville, SC 29483
Carl Knight II
Residential
MLS# 26019418 / Active
Discover this contemporary home on just over an acre of wooded land with no HOA in desirable West Summerville. Built in 1984, the property offers p...
1980 Minott Street
Charleston, SC 29412
Riverland Terrace
Residential
MLS# 26019416 / Active
Classic Riverland Terrace charm meets exceptional Lowcountry waterfront lifestyle at 1980 Minott. Canopied beneath magnificent live oaks on a gener...
1119 Island View Drive
Mount Pleasant, SC 29464
Harborgate Shores
Residential
MLS# 26019415 / Active
Welcome to 1119 Island View Dr, a beautifully maintained home located on a corner lot in one of South Mount Pleasant`s most desirable communities w...
2842 Maritime Forest Drive
Johns Island, SC 29455
Kiawah River Estates
Residential
MLS# 26019414 / Active
Welcome to 2842 Maritime Forest! This newer construction custom home offers a blend of luxury, comfort, and exclusivity in one of the most sought-a...
140 Blue Jasmine Lane
Summerville, SC 29483
Scotts Mill
Residential
MLS# 26019413 / Active
Welcome to 140 Blue Jasmine Lane! Located in the Scotts Mill neighborhood, this turnkey 3-bedroom, 2.5-bathroom home is completely move-in ready. T...
3000 Southern Pines Lane UNIT #242
Kiawah Island, SC 29455
Residential
MLS# 26019412 / Active
Exciting opportunity to own a 1/9th interest at Timbers Kiawah Ocean Club & Residences. This luxury appointed 3 bedroom/3.5 bathroom residence offe...
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 8:26 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.