Posted on: 05th Sep, 2009 05:36 pm
Through "loan modification" with Wachovia, they have agreed to "forgive interest" to the tune of $135,000.00. Therefore they are reducing our loan amount by $135,000.00.
Do we have to pay taxes to the IRS for this forgiveness?
Do anybody out there know? Please help. We only have a couple of days to sign this and get it back or the deal is off, they say.
Susan1
salbachhomes@cox.net
Do we have to pay taxes to the IRS for this forgiveness?
Do anybody out there know? Please help. We only have a couple of days to sign this and get it back or the deal is off, they say.
Susan1
salbachhomes@cox.net
If it is your primary residence you do tno need to pay taxes
The lender wil probably send yoru a 1099 and you need to report it, but will not be taxed on it
The lender wil probably send yoru a 1099 and you need to report it, but will not be taxed on it
Have you get any documentation regarding tax form lender?
They will send this at the begining of next year