Real estate blog entries tagged with honesty by Gail Daly, SC & NC BROKER, ABR, EPRO (Commercial LandTec Corp./RealTec Properties)

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Home : Blogs : Gail Daly, SC & NC BROKER, ABR, EPRO : Daly Bread : Tag "honesty"

honesty: THE SHAMEFUL PRACTICE OF SHORT SALES, LACK OF DISCLOSURE & THE IRS - 03/17/09 08:09 PM

Realtors are not CPA's or IRS Agents but are we disclosing the inevitable 1099 that the bank will send the seller for the shortfall? It is the difference between what the bank received for the property and what was owed to the bank. ARE WE DISCLOSING THIS? I hope so because I saw one man 'do the right thing' he sold his property in a short sale and then got a 1099 for $100,000 which was the balance owed after the short sale. A deed in lieu is the same situation or maybe worse, the entire amount owed is taxable as income. … (0 comments)

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Gail Daly, SC & NC BROKER, ABR, EPRO

Pawleys Island, SC

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Commercial LandTec Corp./RealTec Properties

Address: 541 Atlantic Ave, Garden City, SC, 29576

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