Posted on: 09th Mar, 2010 08:07 pm
is it true that I have to pay taxes on a 1099A, and if so how are the taxes calculated?
Hi hquettan,
If your deficient balance has been forgiven by the lender, you would receive a 1099c form and then you would be responsible for paying the taxes on that amount. The IRS would consider that amount as your income. As far as calculation of taxes is concerned, you should contact a tax adviser and take his opinion in this regard.
Thanks
If your deficient balance has been forgiven by the lender, you would receive a 1099c form and then you would be responsible for paying the taxes on that amount. The IRS would consider that amount as your income. As far as calculation of taxes is concerned, you should contact a tax adviser and take his opinion in this regard.
Thanks