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If this is your primary home than a 1099C shouldn't happen.
Here you go..
http://www.irs.gov/irs/article/0,,id=179073,00.html?portlet=2
(Make sure you read the entire page...)
Joan: for Clarity Jeff is right, by law the 1099C is supposed to be issued and if so the Form 982 must be filled by the CPA or Tax Preparer, see attached file with highlights in yellow.
John Bell - Short Sale Expert la Jolla, CA
Joan Psarros, CDPE, CRS, SFR said:
If this is your primary home than a 1099C shouldn't happen.
By law the 1099C is supposed to be issued and if so the Form 982 must be filled by the CPA or Tax Preparer, see attached file with highlights in yellow. There are 3 Exemptions according to the iRS site: 1. Primary Residence, 2. Non-Refi Loan, 3. Insolvency but only if 1 and/or 2 do not apply (great for 2nd homes or rentals). Insolvency does not mean BK just Liabilities (all) exceed Assets (all). A BK can be avoided in most cases, most attorneys I spoke with recommend doing the short sale first then a BK only if absolutely necessary. John Bell - Short Sale Expert la Jolla, CA
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