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...
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...
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...
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...
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...