[WSBARP] 1099C- Foreclosure

[Jeff Davis]

What was foreclosed?  When faced with a lender's 1099c you need to consider
section 108 of the tax code, Income from Discharge of Indebtedness.  There
are exclusions depending what is discharged.  Also, a 1099c does not always
mean the debt is forgiven; the lender is only reporting the debt as unlikely
collectible.  

 

Jeff 

 

From: wsbarp-bounces at lists.wsbarppt.com
[mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Marcus Fry
Sent: Wednesday, April 13, 2016 5:43 PM
To: wsbarp at lists.wsbarppt.com
Subject: [WSBARP] 1099C- Foreclosure

 

Anyone have any experience in dealing judicial foreclosures and 1099Cs
issued in connection with such foreclosures?  I am particularly interested
in situations where lender credit bids the judgment at the foreclosure sale.
Does a credit bid establish fair market value of the property?

 

Marcus J. Fry

Lyon, Weigand & Gustafson, P.S. 

 

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