Which IRS Form do I use for my 1099-c?

Written by Idaho Real Estate

Idaho Short Sale- What IRS Form do I use for forgiven debt?

Many Idaho home sellers were able to avoid foreclosure by going through the short sale process.

Often times, the short sale lender will issue the home seller a 1099-c form. This information must be reported on your annual income tax return.

For most home owners who short sold their primary residence, this forgiven debt may be non-taxable. It is important to consult your tax professional or attorney for taxation issues.

The Debt Forgiveness Act of 2007 offers forgiveness of income tax for forgiven debt to most home owners. This Act was extended through the end of 2012. Though most home sellers may not have to pay taxes on the foregiven debt, there are exceptions.

When filing your tax returns after receiving a 1099-c for debt forgiveness:

Necessary Tax Forms

Form 982 (PDF)

Legislative Details about the Mortgage Forgiveness Debt Relief Act

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Don Wixom
RE/MAX Advantage
5680 E Franklin Rd Ste 100
Nampa, ID 83687
Direct: (208) 880-5039
Office: (208) 466-0002
Fax: (208) 466-2227
Email:
wixy@sellidaho.com
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