Posted on: 02nd Feb, 2012 12:34 pm
Can anyone tell me if I can file the 1098 or not?
I did a short sale on my house last year. I have not piad any mortgage payments sense 2010 when I moved to another state for another job. The mortgage company sent me a 1098 on the sale of the house. Then a week later they sent a 1099c. I know what to do with the 1099c but what do I do with the 1098?
I did a short sale on my house last year. I have not piad any mortgage payments sense 2010 when I moved to another state for another job. The mortgage company sent me a 1098 on the sale of the house. Then a week later they sent a 1099c. I know what to do with the 1099c but what do I do with the 1098?
JLSJT3, your best bet is to seek the guidance of a tax expert. You might find one on this forum, but most of the answers you'll get will come from laypeople like you and me.
As an alternative, you can ask the IRS directly as to how to handle the receipt of the 1098 and the 1099. Their website is at irs.gov, and you'll also be able to find a phone number there to speak directly with someone.
As an alternative, you can ask the IRS directly as to how to handle the receipt of the 1098 and the 1099. Their website is at irs.gov, and you'll also be able to find a phone number there to speak directly with someone.
Hi JLSJT,
I agree with George - you should definitely contact a tax adviser and take his opinion in this matter. As far as I know, you will receive a 1099c form only when your debts have been forgiven by the mortgage lender. Though you won't be liable for paying the deficient balance to the mortgage lender, you will be liable for paying taxes to the IRS for the forgiven debt.
Thanks
I agree with George - you should definitely contact a tax adviser and take his opinion in this matter. As far as I know, you will receive a 1099c form only when your debts have been forgiven by the mortgage lender. Though you won't be liable for paying the deficient balance to the mortgage lender, you will be liable for paying taxes to the IRS for the forgiven debt.
Thanks
