Posted on: 16th Apr, 2011 03:27 pm
I received a 1099-C from the short sale of my primary residence (FHA) in the amount of $165K. I also received a 1098 for the interest in the amount of $30K. Can I claim this deduction?
Welcome greeneyedweaze,
As far as 1099c is concerned, you will be liable for paying the taxes on the forgiven debt. However, depending upon the Mortgage Debt Relief Act, you won't be liable for paying taxes. As far as claiming deductions is concerned, contact a CPA or a tax adviser and take his/her opinion in this matter.
As far as 1099c is concerned, you will be liable for paying the taxes on the forgiven debt. However, depending upon the Mortgage Debt Relief Act, you won't be liable for paying taxes. As far as claiming deductions is concerned, contact a CPA or a tax adviser and take his/her opinion in this matter.