Foreclosures, repossessions, voluntary conveyance, and bad debts have tax consequences for both the creditor and the debtor. In the event of default, the lender may seize or restructure...
Posted by Dennis Jao on 01/17/2023
IRS Form 1099-A is an informational declaration that reports the application of a property. Homeowners typically receive an IRS Form 1099-A from their lender after their home has been...
Posted by Taxes Made EZ Inc on 11/19/2020
If a creditor acquires your property through foreclosure and evicts you, or if you surrender your property before the eviction, the lender will send you an IRS Form 1099-A Acquisition...
Posted by Tucker Accounting Services LLC on 03/05/2021
The sale of any property and foreclosure is treated the same way by Uncle Sam. Since the property was transferred to another person, there could be taxes on such a property. This is...
Posted by Accurate Books And Tax on 01/30/2021
The IRS deals with foreclosure as well as the sale of a property. It was already yours, and you no longer own it, so you could end up paying taxes on a mortgaged property. The event...
Posted by Carmen Garcia on 12/26/2020
