Anyone receive a 1099 after foreclosure?

[breezyday]

If you can't pay it what do you do> BK?

[fltoo]

A 1099 is an income statement, not a bill. You add the 1099 income to your regular income and pay taxes on it.

Check out the IRS insolvency info, though. You might be exempt.

[Help!]

Here's a link about insolvency and a good general summary of 1099 income:

http://bankruptcy.findlaw.com/bankruptcy/more-bankruptcy-topics/creditor-irs-settle.html

If the debt was included in bankruptcy but you still received a 1099, you can file IRS form 982 for this amount to be excluded from income:

http://www.moranlaw.net/codincome.htm

[jerry10]

Here's a link about insolvency and a good general summary of 1099 income:

http://bankruptcy.findlaw.com/bankruptcy/more-bankruptcy-topics/creditor-irs-settle.html

If the debt was included in bankruptcy but you still received a 1099, you can file IRS form 982 for this amount to be excluded from income:

http://www.moranlaw.net/codincome.htm

From your first link

"Insolvency means that your debts exceed the value of your assets. To figure out whether or not you were insolvent, you will have to total up your assets and your debts, including the debt that was settled or written off. "

If I owed 250k on my rental property and its value is at 190k at foreclosure. Do I include 60k as debt?