Dean Wegner, Author of "Life After Foreclosure" Advises Homeowners Who Recieved a 1099-C From Their Mortgage Company

1099-C's Are Hitting Mailboxes and Most Homeowners Are Surprised They Owe More Money

2011-02-16

SCOTTSDALE, AZ, February 16, 2011 (Press-News.org) Chances are you've received your W-2 form in the mail by now for use in paying your taxes due to the IRS this year by April 18th.

But due to the foreclosure crisis here in America, many people are receiving another tax form that financial experts say has caught some by surprise.

It's called the 1099-C or cancellation of debt form.

"Anytime you have forgiven debt, you owe taxes on the forgiven debt just like it was earned income," said financial expert Dean Wegner of Scottsdale, AZ and author of "Life After Foreclosure" - "The IRS looks at it as a taxable event."

For example, in a short sale, if a lender canceled $10,000 of your mortgage payment, depending on your tax bracket, you could potentially owe 20 percent or $2,000 to the IRS in taxes.

"You will get a 1099-C on any debt whether it's credit cards, a mortgage, a second mortgage, a car loan," added Wegner. "Anytime they forgive debt you're going to receive (a 1099-C form)."

However, Wegner says there are certain exemptions to whether you have to pay taxes on forgiven debt.

"If it's your primary residence, you're exempt," said Wegner. "Using IRS Form 982 will acknowledge that your in complience with the IRS

The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.

This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home's value or the taxpayer's financial condition.

People who receive a 1099-C form can also be exempt from paying taxes by claiming insolvency or by filing for bankruptcy.

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