Can I be taxed for debt forgiven as a result of a mortgage modification, short sale or foreclosure?
Yes, you can and without the correct knowledge you almost certainly will be. If your principal is reduced by $100,000 or your house short sells for $100,000 less than you owe. Then you can be taxed on the $100,000 as if it was regular income. Our guide gives you the information that you need to legally not be liable for debt forgiveness tax via 1099-C. DIY Mortgage Modification Kit The pack is a self-extracting program that contains the following products. Files located in an easy to use menu system.
Yes, you can and without the correct knowledge you almost certainly will be. If your principal is reduced by $100,000 or your house short sells for $100,000 less than you owe then you can be taxed on the $100,000 as if it was regular income. Our guide gives you the information that you need to legally not be liable for debt forgiveness tax via 1099-C.
