Posted on: 27th Aug, 2010 07:54 pm
I was planning on doing a Deed in Leiu of foreclosure in NV. My house has a market value of $110000 and amount owed is $260000.
Hi tobin_bruce,
Welcome to mortgagefit
If your lender forgives your debt after DIL then it will be considered as your income and you need to file 1099 to IRS.
1099 form is supposed to submitted to the IRS if you get an income from any source more than 600 $ for a financial year.
just for further information on the subject topic you can also visit this link.
http://www.mortgagefit.com/budgeting-finance/understand-1099a-1.html
DIPA
Welcome to mortgagefit
If your lender forgives your debt after DIL then it will be considered as your income and you need to file 1099 to IRS.
1099 form is supposed to submitted to the IRS if you get an income from any source more than 600 $ for a financial year.
just for further information on the subject topic you can also visit this link.
http://www.mortgagefit.com/budgeting-finance/understand-1099a-1.html
DIPA