Posted on: 09th Feb, 2011 09:40 am
I filed bankruptcy on 3 rental properties 2 went through sherrif sales one is still in foreclosure. Will i have to pay taxes on them. I got one 1099 a back stahing debt is forgiven or that i don't have to pay back debt, my question is though why do i have to file this form with my taxes. Am i responsible for the taxes on the property.
The loan was 116,000 dollars that we had and the market value is now 80000 dollars Please help me.
I am stressing out because i don't have money to pay for the taxes as that is why i filed bankruptsy in the first place.
Please let me know if there is anything or what portion of the taxes i would have to pay
The loan was 116,000 dollars that we had and the market value is now 80000 dollars Please help me.
I am stressing out because i don't have money to pay for the taxes as that is why i filed bankruptsy in the first place.
Please let me know if there is anything or what portion of the taxes i would have to pay
sorry forgot to add i live in MN
Hi Guest,
You will have to file the 1099a form with your taxes. As the debt has been forgiven, you'll also receive the 1099c form and your forgiven debt will be considered as taxable amount.
You will have to file the 1099a form with your taxes. As the debt has been forgiven, you'll also receive the 1099c form and your forgiven debt will be considered as taxable amount.