Real estate blog entries tagged with form 1099 and the short sale by Chris Ann Cleland, Associate Broker, Northern VA (Long & Foster REALTORS®, Gainesville, VA)

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Home : Blogs : Chris Ann Cleland, Associate Broker, Northern VA : Northern Virginia Real Estate News & Opinion : Tag "form 1099 and the short sale"

form 1099 and the short sale: Northern Virginia Short Sale Sellers Need to Know the Definition of a 1099 - 10/31/09 10:11 AM

Northern Virginia Short Sale sellers often hear the term 1099. So what exactly is a 1099?
A 1099 is a form that reports income other than wages and salary to the IRS. As a Northern Virginia Short Sale seller, what can be reported to the IRS on a 1099 is the amount of forgiven debt by a lien holder. In other words, the amount not repaid, but forgiven by your mortgage holder(s) in a short sale.
When this income is reported to the IRS, you are expected to pay income tax on the money. However, many short sale sellers find tax … (10 comments)

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Chris Ann Cleland, Associate Broker, Northern VA

Bristow, VA

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Long & Foster REALTORS®, Gainesville, VA

Address: 7526 Limestone Drive, Gainesville, VA, 20155

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