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Basis of Rental Property with delinquent payments added to princiapal
I have a client who's purchase price of a rental property is $376,000. He got a loan modification several years back that brought his mortgage balance up to $420,000 by adding in missed payments to the principal. (I think this is called capitalization of interest?) He is now short selling the property. I've read about four publications now and old... -
Short Sale, Primary Residence with Rental
Taxpayer owned and lived in home for 4 years. The property had detached garage with rented apartment above. Taxpayer filed Sch E, claimed rental income, expenses, depreciation.
Property sold for large loss. Short sale. No 1099S, no 1099C.
Does the sale of the house have to be allocated in two - part sale of primary... -
Short Sales
From Spidell:
Short sale on principal residence means no COD (12-03-13)
The IRS has opined in a Chief Council letter dated September 19, 2013, that the short sale of a California principal residence converts the mortgage to a nonrecourse loan and is treated as a sale, not COD. Under California law, when agreeing to a short sale,... -
received 1099c for non recourse loan on rental property
my client received a 1099C for a rental property he owned and sold at a short sale, it was in California (he lives in California also) where all original loans are non recourse loans. The client never refinanced. The client is not insolvent. (1) was this an incorrect sending of a 1099C - one that shouldn't have been sent - if so how would you... -
Short sale - Relocation assistance - taxable?
My client received $3,000 and a 1099 Misc for relocation assistance on a short sale of rental property. Is this taxable?