Do you receive a 1099c rates form after the house is sold or auctioned bad?
Answers: YEP.
But the new program, division of the stimulus package, may prevent that contained by some cases.
And if you get a 1099C, that's treated as income to you, which can enjoy a huge negative impact on your taxes. Make sure you own claimed 0 on all your W-4s.
Yes. It will for the difference of what it be sold for and what was owed. And it is taxable. But nearby is some hope. Congress and President Bush passed through at the last minute final year a special exeption for some cases on forclosures. Go to www.irs.gov and search for 1099C and you can find the information near.