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My currrent mortgage company has given me a settlement offer of $60,000 below my mortgage amount. I

If I accept that amount, will they issue me a 1099 which I will owe a tax on the difference?
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November 21 2011 - Pittsburgh
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Answers (3)

I agree you do want to consult with a tax professional about this! Although the IRS for the last couple of years has allowed individuals and couples to write this specific piece off in it's entirety!
Yet again things in the world of the IRS change constantly so seek out a tax attorney or CPA to consult with you on this!
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March 29 2012
You need legal advice. Sometimes they will not and sometimes they will. It all depends and you don't want to get stuck with a large tax bill.

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November 21 2011
This is a question that you should ask a licensed tax (accountant/attorney) expert.
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November 21 2011
 
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