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1099

Posted by paul rex on May 11, 2011 at 2:59pm in Short Sale Discussions
Does anyone know how long it takes for bank of america to issue a 1099 after a sale closes?  Also which 1099 falls under forgiveness act on federal income tax?  Thanks

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  • paul rex May 16, 2011 at 6:20am
    Thanks for the info

    Harry Clay said:

    The due date for furnishing statements to recipients is February 15th.

     

    Thanks to the Mortgage Debt Relief Act of 2007, if you receive a 1099-C as a result of foreclosure, short sale or a mortgage modification, you're likely off the hook to the IRS.

     

    But unless Congress acts with an extension, this special tax relief is due to expire after Dec 2012.

     

    Not that I'm advising you, or anything... lol

     

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