I did a Deed in Lieu on an investment Property in 2014.
Purchase Price $212k in 2011. The amount owed to the lender at that time of DIL was $151k.
I just received a 1099C in the mail. Only box filled in was box 1 for the amount discharged $151k. The Fair Market Value box stated $0.
I also learned that in 2014 a 1099A was also issued to me. I did not recall receive this in the mail, but retrieved it from the Lender website. The 1099A stated the FMV was $135k and amount discharged was $151k.
I had a few questions about the tax implications regarding info above:
1.Although this was not a primary residence dose The Mortgage Forgiveness Debt Relief Act of 2007 apply to me?
2.Can I do a Form 982? If so, do I have to show insolvency for they year of the Deed in Lieu? or the year the 1099A or 1099C was issued?
3. If none of these apply. Do I owe taxes on the difference between the FMV and the amount owed? or the difference between the Purchase Price and the amount discharged?
4. Are there any options to being exempt from these taxes or reduce the taxable amount?
5. I am married and at the time of purchase my spouse was not on the Mortgage Note or Deed. If I filed a Form 982, would his assets be considered also?
6. If I filed a Form 982, and showed assets were say $500 above amount discharged. Does that disqualify insolvency? What are the minimums or maximums to these numbers?
Purchase Price $212k in 2011. The amount owed to the lender at that time of DIL was $151k.
I just received a 1099C in the mail. Only box filled in was box 1 for the amount discharged $151k. The Fair Market Value box stated $0.
I also learned that in 2014 a 1099A was also issued to me. I did not recall receive this in the mail, but retrieved it from the Lender website. The 1099A stated the FMV was $135k and amount discharged was $151k.
I had a few questions about the tax implications regarding info above:
1.Although this was not a primary residence dose The Mortgage Forgiveness Debt Relief Act of 2007 apply to me?
2.Can I do a Form 982? If so, do I have to show insolvency for they year of the Deed in Lieu? or the year the 1099A or 1099C was issued?
3. If none of these apply. Do I owe taxes on the difference between the FMV and the amount owed? or the difference between the Purchase Price and the amount discharged?
4. Are there any options to being exempt from these taxes or reduce the taxable amount?
5. I am married and at the time of purchase my spouse was not on the Mortgage Note or Deed. If I filed a Form 982, would his assets be considered also?
6. If I filed a Form 982, and showed assets were say $500 above amount discharged. Does that disqualify insolvency? What are the minimums or maximums to these numbers?
Federal Taxes: 1099c After Deed in Lieu
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