Tracy L
I have been considering doing a short sale. But I know if I owe $358 and I get $300, then I owe taxes on the $58 difference because the bank considers it a gift. If I do a foreclosure, will I have to pay taxes on that?
Socalmomma
who here has had a foreclosure and can tell me about the aftermath with taxes….my main question is about the exclusions…..are there any circumstances where i wont have to pay the difference in taxes as income on a 1099? i heard if i have own/ live in the home for the last 5 years, i will not have to pay on that? is this correct?
cris_romy
If you go into a foreclosure, do I need to pay my yearly property taxes which are due now??
mog_ron
I aquired a tax debt while single and am in collections currently (An installment agreement). I got married 3 years ago to a woman who has been a full time grad student from the beginning and has not earned enough to have to file taxes in those 3 years. She has insisted that we file married but seperately because she is afraid of collection actions against her because of my tax debt but because of this we are losing the tax benefit of filing jointly thus gaining more credit each year toward my debt (I’ve been filing 0 dependents and having the max tax taken out of my paycheck to get the highest returns which the IRS applies to my debt). We may have an opportunity to submit an offer in compromise soon and put this behind us. Should she fear bad credit, a collection action against her, etc if we change our status this year and possibly amend the previous years we been married to exellerate the reduction of the debt before and until we apply for the OIC?
least_likely2
I want to file jointly because we are going to get more refund. But I heard that if we file jointly creditors can come after my wife because of my bad credit. Is this true? Please note that most of my bad credit was before we were married. I only have a couple items that went in collection after we were married. I can easily pay them off. Any advise would be greatly appreciated.
nagaloan
My wife went through a serious medical problem and the insurance did not cover the cost of the medical bills. We were unable to pay our mortgage, now it is almost 60 days late. We are worried and facing a foreclosure. How can we avoid it? Can the lender help with a back pay or add the back pay on our existing loan or modify our loan??? Has anyone been in this situation, please advice. Thanks.
ceeze07
I am planning on purchasing a second home and renting out my primary. I have live there for about 3 years (after 2, becomes primary). If I can not rent my home, I am planning to do a short sale or at worst, let it go into foreclosure. From what I have read, the IRS will forgive a home if it is your primary resident. Does anyone no if there is a way around a 1099 claim?
Chuck Z
Recently, there was talk that the IRS was changing its rules so that debt relief experienced by persons who lost their homes to foreclosure would no longer be taxed. What’s the status on this rule change?
Denis B
If you’ve lost your home to foreclosure, is there any tax breaks for the equity lost ? Say your home was worth 225,000 and you owed 190,000 and it was foreclosed on. Can you claim the 35,000 as a loss on your taxes ?
