Posted on: 18th Feb, 2011 07:34 am
i filed a chapter 13 bankruptcy and i received a 1099a for the timeshare i had own prior to the bankruptcy. in box 2 it shows 17,000, box 4 shows 26,000 and box 5 is checked "no" meaning that i am not personally liable.
how do i file this and what forms do i use?
how do i file this and what forms do i use?
Hi MatTax,
As you're not liable for paying the deficient balance, it will be considered as your income. However, depending upon the Mortgage Debt Relief Act, you won't be liable for paying taxes. You should contact a tax adviser and he will help you in filing the tax documents.
Thanks
As you're not liable for paying the deficient balance, it will be considered as your income. However, depending upon the Mortgage Debt Relief Act, you won't be liable for paying taxes. You should contact a tax adviser and he will help you in filing the tax documents.
Thanks