Posted on: 13th Apr, 2011 03:12 pm
Do I need to report the income and private mortgage if it is wash? I don't have a 1098 from the private contract as the balance was forgiven as a gift.
Hi tla,
I will suggest you to contact a CPA and take his opinion in this matter. The CPA will be able to guide you better in this matter.
Thanks
I will suggest you to contact a CPA and take his opinion in this matter. The CPA will be able to guide you better in this matter.
Thanks
TLA, if you made income from the mortgage in question, then you ought to report it to the IRS (I take it that's what you're speaking of). If it was truly a wash and it ended up being a gift, then I'd have to surmise that you're home free. In any event, James' suggestion makes sense - a CPA or a tax advisor, etc. would be worthwhile speaking with.
