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  • CAErinB
    started a topic Help with new RE investor client!
    in Main Forum / Tax Discussion

    Help with new RE investor client!

    I have a new LLC client which purchased a mortgage note (value: $207,998) for a home in Connecticut. The note became non-performing, and the LLC proceeded to foreclose on the property. As of 12/31/15, the LLC was the owner of record for the property. Since then, the home has been sold (at $42,500, a substantial loss: approximately 20% of the value...
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  • Howco
    started a topic Independent Foreclosure Review Payment Qualified Settlement Fund
    in Main Forum / Tax Discussion

    Independent Foreclosure Review Payment Qualified Settlement Fund

    Did anybody have any experience with this during 2014 tax season?

    Taxpayer received a large lump-sum payment in 2013 from this settlement fund, related to certain foreclosure proceedings that occured in 2009 and 2010. The settlement fund issued a 1099-Misc, box 3 other income.

    Just curious if anybody else came across...
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