Posted on: 10th May, 2011 03:08 pm
Hello, I am new and I don't know where to create my account.
I have two questions. 1) my primary home was foreclosed last and I received a 1099C with $450K in one of the boxes. I read somethwere that a law was passed in 2007 that I don't need to pay taxes on it? Can you site a reference on this issue? 2) I have more than $50K credit card debt and I am bout to file BK I was told that have to put my other SFH to an LLC before filing BK. This single family home is a rental but currently vacant. Please advise. Thank you
[size=9:8a0776e8cf][color=Red:8a0776e8cf][Email address deleted as per forum rules. Thanks.][/color:8a0776e8cf][/size:8a0776e8cf]
I have two questions. 1) my primary home was foreclosed last and I received a 1099C with $450K in one of the boxes. I read somethwere that a law was passed in 2007 that I don't need to pay taxes on it? Can you site a reference on this issue? 2) I have more than $50K credit card debt and I am bout to file BK I was told that have to put my other SFH to an LLC before filing BK. This single family home is a rental but currently vacant. Please advise. Thank you
[size=9:8a0776e8cf][color=Red:8a0776e8cf][Email address deleted as per forum rules. Thanks.][/color:8a0776e8cf][/size:8a0776e8cf]
Hi sfhavail,
Depending upon the Mortgage Debt Relief Act, you won't be liable for paying the taxes on the forgiven debt. You can contact a CPA and he will help you in knowing the Act. Transferring property to LLC just before bankruptcy filing may not be considered as legal. You should speak to a bankruptcy attorney in this regard and clarify the whole matter.
Thanks
Depending upon the Mortgage Debt Relief Act, you won't be liable for paying the taxes on the forgiven debt. You can contact a CPA and he will help you in knowing the Act. Transferring property to LLC just before bankruptcy filing may not be considered as legal. You should speak to a bankruptcy attorney in this regard and clarify the whole matter.
Thanks
Thank you for your prompt reply! I will definitely talk to a lawyer. Do you have any referral in Sacramento County?
Hi ablackwell!
Welcome to forums!
It will be better if you could contact the Bar Association of your state in order to find a lawyer for yourself. You can even contact the local lawyers of your county for the same.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It will be better if you could contact the Bar Association of your state in order to find a lawyer for yourself. You can even contact the local lawyers of your county for the same.
Feel free to ask if you've further queries.
Sussane
It was me about... I just forgot to login!