forgiveness: Mortgage Forgiveness Debt Relief Act Extended - 01/03/13 03:14 AM
Minneapolis, MN: When debt is relieved or written off... That "relief" is supposed to be taxed as income. The lender gives the debtor a Form 1009-C, Cancellation of Debt if the cancellation equals $600 or more. When it comes to a foreclosure or abandonment of secured property, it is a form 1099-A.
That means if someone owes $150,000 on their home and it sells for $100,000 in a foreclosure auction, they could owe taxes on the remaining $50,000. For someone in the 25% tax bracket, that would mean paying $12,500 in taxes on the foreclosure. Similar taxes would apply for amounts … (1 comments)

 
Joe Metzler, Sr Loan Officer (Cambria Mortgage)

Joe Metzler

Sr Loan Officer

Saint Paul, MN

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Cambria Mortgage

Address: 33 Wentworth Ave E #290, Saint Paul, MN, 55118

Mobile: (651) 705-6261

Office: (651) 552-3681

Mortgage industry news and insights from a 15+ year industry expert. Mortgage are Real Estate News You Can Use. Joe is a Certified Minnesota Mortgage Specialist, who provides home mortgage loans not only in the Minneapolis, St Paul area, but all of Minnesota and Wisconsin.


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