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SS completed, but no 1099-c

Posted by David on April 16, 2013 at 11:24pm in Short Sale Discussions

Hello:

My Short Sale was completed from Chase back in late Dec 2012. I received my final HUD, but nothing from Chase, indicating that they will pursue the deficiency or will cancel the debt and issue a 1099-c.

My question is, who do I contact to see if a 1099-c was issued? IRS? Chase indicates that the ss has been competed, but will not offer any other information.

Thoughts are appreciated.

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Replies

  • Simon Campbell April 19, 2013 at 1:34am

    Even if you receive a 1099C, the IRS is not holding the recipient responsible for paying taxes on the "income." Here is why: 

    On January 1st, Congress signed the H.R. 8, the American Taxpayer Relief Act of 2012. The mortgage cancellation relief for home owners or sellers who have a portion of their mortgage debt forgiven by their lender, typically in a short sale, foreclosure sale or loan modification is extended through 2013.

    Additionally, deductions for mortgage interest, mortgage insurance premiums and state and local property taxes are extended. The exclusion from capital gains with the cap at $500,000 ($250,000 for individuals) remains in effect (subject to limitations).

     

  • Kevin - Greenville, SC April 17, 2013 at 4:45am

    http://activerain.com/blogsview/444370/1099-reporting-it-s-the-law-...

    • David > Kevin - Greenville, SC April 18, 2013 at 7:21am

      I just looked up the deed on the property and there is Certificate of Satisfaction, but here at work of course I can't view the document.

      What does certificate of satisifaction mean?

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