1099c Hello,
I had a foreclosure in 2012. At the sheriff sale the home sold for 94,000.00 and I had a balance of 256,000.00. I received a 1099a but never a 1099c.
My question is now that the Mortgage Forgiveness act is over, if I receive a 1099c I will be taxed on the forgiven amount. I'm retired and do not have the resources to pay. Can I file bankruptcy on the balance? My credit score even with the foreclosure is over 760 but as stated I cant afford the tax liability.
Thanks for any suggestions. |