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Bankruptcy, Foreclosure and filing 2008 taxes...

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    #1

    Bankruptcy, Foreclosure and filing 2008 taxes...

    I am getting ready to file my taxes for 2008. I had a house that I left in 2007 and the bank finally foreclosed on it in 2008. My bankruptcy included the house and was discharged and closed in 2008.

    Do I need to do anything special on my taxes? Do I need to wait for any forms 1099C or 1099A I think are the forms for foreclosed houses (I could be wrong though - I'm new to all these IRS forms)?

    I want to make sure I do everything right. My taxes are pretty straightforward this year except for the bankruptcy and I know if I didn't have the house that I would do my taxes just like I normally would with the bankruptcy not affecting anything. With that house involved though - it makes me leary.
    11/14/07 -filed C7 12/04/07 -case pulled for random audit.12/18/07 -341 held: Asset case due to engagement ring & tax return.02/19/08 - US trustee files motion to extend. 04/02/08- changed back to NO ASSET! I get my ring back and get to keep my tax return! :clapping: 04/28/08 -DISCHARGED!!! :yahoo::yahoo: 05/07/08 - CLOSED!!!
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    #2
    You'll receive something from the lender, but it won't have anything to do with your tax refund.......no need to claim it or anything.
    Bankruptcy History:
    Chapter 7 filed - 10/12/2005 - Asset
    Discharged - 02/16/2006
    Case Closed - 11/08/2007

    A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain

    All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.

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      #3
      I'm in no rush to file my taxes here in California. I usually receive a small refund from the State, but this year CA is issusing IOU's. Isn't that just wonderful???
      Chapter 7 filed 10/21/2008
      341 - 11/26 went smooth NO ASSET
      Took 115 days after 341 - But Finally DISCHARGED 3/25/09

      Comment

        #4
        Originally posted by BassBoy View Post
        You'll receive something from the lender, but it won't have anything to do with your tax refund.......no need to claim it or anything.
        Thank you!!
        11/14/07 -filed C7 12/04/07 -case pulled for random audit.12/18/07 -341 held: Asset case due to engagement ring & tax return.02/19/08 - US trustee files motion to extend. 04/02/08- changed back to NO ASSET! I get my ring back and get to keep my tax return! :clapping: 04/28/08 -DISCHARGED!!! :yahoo::yahoo: 05/07/08 - CLOSED!!!

        Comment

          #5
          Glad to see this asked here as I was wondering myself. Today we recieved our mortgage interest statement from a house we are letting go. I assume we file as normal and use the numbers we have. I can't wait to get this behind us!
          Hopefully we will get e refund.....
          Filed Aug. 5, 2008
          341 Meeting Sept. 17th, 2008
          Discharged 11/18/2008
          Case Closed 11/21/2008

          Comment

            #6
            Originally posted by relief13035 View Post
            I'm in no rush to file my taxes here in California. I usually receive a small refund from the State, but this year CA is issusing IOU's. Isn't that just wonderful???
            They're issuing IOU's???? That's insane!

            ****I just looked it up on their website, if your return is processed before Feb 1st it looks like they aren't holding the refun. Feb 1st and on they say they're holding them for 30 days. That's still insane tho.
            BKForum Blog: The Journey

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              #7
              Originally posted by estreeter34 View Post
              Glad to see this asked here as I was wondering myself. Today we recieved our mortgage interest statement from a house we are letting go. I assume we file as normal and use the numbers we have. I can't wait to get this behind us!
              Hopefully we will get e refund.....

              Don't expect a refund if you have filed or will file before you get it! The trustee will snatch it up. Oh your case is closed you should be ok then. Lucky

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