I know that most of us are not accountants and we are not able to give tax/legal advise - but does anyone know if a client is on social security and is in foreclosure will the 1099 get them kicked off their SSI benefits? I know this is a general question but I guess I want to know if anyone has heard of this happening.
My client is looking for a tax accountant that may be able to give her advise over the phone because she just had a knee replacement and is unable to get out to see anyone. Her tax preparer does not know anything about short sales 1099. My client is concerned about the 1099 because she never reported when she did a refi.
If it is better for her to just let the house foreclosure then I would rather just do that because I do not want her benefits to be canceled because she gets a $200,000 1099 ... but I believe that either way she will get a 1099 and at least if we try to negotiate a sale we will have more control then if it goes to auction.
If anyone can refer a good tax person she can speak to I would GREATLY appreciate it.
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