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For consumers who may
fall behind on their housing payments as they rise out of reach with
their adjustable-rate mortgages may receive another financial shock when
they receive their tax bill from the Internal Revenue Service,
theNew York
Times reported yesterday. The 1099 shortfall,
as it is called, stems from an IRS policy that treats forgiven debt of
all types as income even if the taxpayer has nothing tangible to show
for it, unless the debt is canceled through bankruptcy. Foreclosure is
one way that beleaguered homeowners can fall into this tax trap. The
other is when homeowners are forced to sell their homes for less than
the value of the mortgage. If the lender forgives that difference, they
are liable for income taxes on that amount. Some people in this
predicament are fighting the IRS and winning. Sometimes, lower payments
can be negotiated with the IRS, tax experts say. Read
more.
Foreclosure Can Result in Income Tax Bills |
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