Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-26-2010, 09:45 PM
Junior Member
 
Join Date: Jan 2010
Posts: 1
Short Sale/1099-S

I purchased a condo (primary residence) while living in CA in 2006 (April). I moved to NC because of my job in August 2007, so I rented the condo out (at a loss each month). I had to short sale the condo in September 2009 because I couldn't pay rent here and the mortgage there. I received a 1099-S listing the sale price as 'gross proceeds.' Is this supposed to be listed as income on Sch. D? What are the tax consequences for the short sale? My debts are greater than my assets--so can't this be exempt??



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
Ads
Reply


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
1099s served for Short Sale on Invest Property karlsd Capital Gains 0 12-06-2009 12:11 AM
Short Period Tax return CCORP C-Corporation 0 12-01-2009 01:12 PM
Capital Gains on a Short Sale? 99980000 Capital Gains 0 04-08-2009 10:20 AM
Capital asset sale or Second Home Sale? Or Gift??? dawnjellybean Income 0 02-04-2009 07:22 PM
Taxes and short sales amyy Capital Gains 1 01-19-2009 12:09 AM

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.