What does foreclosure mean for my taxes?
Written on February 26, 2010
A property that I am a co-signer on is going into foreclosure. In a question I asked previously regarding this matter, someone pointed out that I will be sent a 1099-c form. What exactly does this mean? If the house is sold at auction will I owe taxes on the amount the house sells for or the amount that was owed or, if the house does not sell for enough, will I owe taxes on the amount not paid?
If we can sell the house before the foreclosure is complete, how does that impact the situation? I’m so confused.
And please, no posts about your tax or loan company. I will report it as abuse.
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Filed in: Foreclosure Help.