Welcome Guest. Register Now!  


Homeowner Tax Home owner tax issues and rebates.


 
 
LinkBack Thread Tools Search this Thread Display Modes
Prev Previous Post   Next Post Next
  #1 (permalink)  
Old 09-22-2014, 03:51 PM
Junior Member
 
Join Date: Sep 2014
Posts: 1
Short Sale and 1099-S

Hello.

I recently went through a short sale for a condo, which I co-owned with my now ex-wife. Here are the sale details:

Original purchase price: 190K
Short sale price: 114K

I was provided a 1099-S form, which lists the contract sale price as the 114K.

My question is about tax liability for myself. What exactly am I on the hook for here?

Is it all taxes for the full 114K? Or do I pay taxes on the amount of debt forgiven? This whole thing is so confusing.

I'm not even going to get into what is fair and what is not here, I'm just trying to get an idea of what exactly I am responsible for when it comes time to pax my taxes next year.

If more details are needed, please let me know.

Thank you in advance for reading this.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
 


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Short sale and 1099-c reporting sharkfan Rental Real-Estate 0 02-08-2014 10:52 PM
Rental Short Sale on an Assumed Loan-Seller Got 1099-C tanicete Rental Real-Estate 1 02-07-2014 11:58 PM
1099 Misc for Short sale incentive AngieZ Income 1 02-25-2012 10:21 AM
Short Sale Lender issues a borrower a 1099 MICHAELRJD Rental Real-Estate 1 11-11-2010 03:27 AM
Short Sale/1099-S mizhall Rental Real-Estate 0 01-26-2010 09:45 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.