top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

chapter 7 then now facing foreclosure

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    chapter 7 then now facing foreclosure

    i filled bk chapter 7 and got discharged in june 2014. I havent been paying my mortgage(s) since april my mortgage company hasnt started the foreclosure process yet. My bankruptcy lawyer told me that if i receive a 1099c it will be cancel due to my bankruptcy however he asked me to talk to a cpa for more details etc...
    Now my question what if foreclosure takes a place in 2015 (not this year) and i receive a 1099c in 2016 would that be consider a income and would i be paying taxes?..
    this is getting really confusing, not sure if anyone could help me regarding this issue. any help suggestion greatly appericted

    #2
    I assume you did not reaffirm the mortgage debt. You discharged the debt. There is no income consequences regardless of when or if a 1099c is issued. Google "IRS form 928".

    Des.

    Comment


      #3
      Minor correction-you want form 982.

      Comment


        #4
        It's been six months and my foreclosure is gonna happen in 2015.... Now I gotta worry receiving a 1099 in 2016...

        Comment


          #5
          You may or may not get a 1099-C. If you do, it really is nothing to worry about. Just attach form 982 to your tax return for the year in which you receive the 1099, marking the box to indicate the debt was discharged in bankruptcy.
          LadyInTheRed is in the black!
          Filed Chap 13 April 2010. Discharged May 2015.
          $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

          Comment


            #6
            It took 2.5 yrs for our foreclosure to happen (we discharged in March 2012) and our house just was foreclosed on in January this yr, so we will get a 1099 for 2014 most likely. Not a big deal or unusual....

            Comment

            bottom Ad Widget

            Collapse
            Working...
            X