Selling Investment w/o 1099C

Discussion in 'Individuals' started by tampaguy, Jun 30, 2011.

  1. tampaguy

    tampaguy

    Joined:
    Jun 30, 2011
    Messages:
    2
    Likes Received:
    0
    This may seem a a complex but I will try my best: I sold an investment condo in 2010. Selling price was $38,000 and owed bank 228,000. This was a short sale. Bank has charged it off to zero and sold it to some scavengers. My atty has been able to keep them off my back.

    My question is this, my account wants to claim the selling of the unit on my 2010 taxes take the difference as a loss. This will result in a large refund to me which I really don't want since the bank may decide to give me the 1099C in a future year.

    The outstanding balance in 2010 was $198,000. In 2011 the bank submitted a PMI claim and received $40,000, reducing the indebtedness.

    He is telling me that he will use the lowest number of $158,000 on my taxes. When I asked him what would happen in say, 2012, the bank issues a 1099C, will I have to pay the tax refund back, he told me that I would not because at that time he would be able to wipe out the entire taxable amount since I have claimed this as income property in prior returns.

    Hope this is clear enough to understand. Should we just be deducting thie condo for another year or take advantage of not receiving the 1099c?

    Thank you.
     
    tampaguy, Jun 30, 2011
    #1
    1. Advertisements

  2. tampaguy

    tampaguy

    Joined:
    Jun 30, 2011
    Messages:
    2
    Likes Received:
    0
    Anyone here able to help me with an answer?
     
    tampaguy, Aug 30, 2011
    #2
    1. Advertisements

  3. tampaguy

    kirby VIP Member

    Joined:
    May 12, 2011
    Messages:
    1,126
    Likes Received:
    138
    You have a tax accountant AND an attorney and you are seeking advice on a forum board?? Sounds like you need to re-examine your choice of atty and accountant. If they don't have the answers for your particular case (depends on income, on state, and so on) then replace them.
     
    kirby, Aug 30, 2011
    #3
    1. Advertisements

Want to reply to this thread or ask your own question?

It takes just 2 minutes to sign up (and it's free!). Just click the sign up button to choose a username and then you can ask your own questions on the forum.
Similar Threads
  1. Dan
    Replies:
    8
    Views:
    445
    Phil Marti
    Jul 5, 2004
  2. tomchand@gwi.net

    Student loan 1099C for deceased taxpayer

    tomchand@gwi.net, Feb 27, 2008, in forum: Tax
    Replies:
    1
    Views:
    1,266
    Phil Marti
    Feb 27, 2008
  3. dave
    Replies:
    0
    Views:
    570
  4. Gerd

    Top selling items report including non-selling items

    Gerd, Sep 10, 2007, in forum: Microsoft Point Of Sale
    Replies:
    7
    Views:
    733
    Craig
    Sep 21, 2007
  5. SRT
    Replies:
    5
    Views:
    842
    RobertL
    Jan 19, 2012
  6. ronald weiner

    1099C cancellation of debt

    ronald weiner, Feb 10, 2012, in forum: Tax
    Replies:
    8
    Views:
    518
    Arthur Kamlet
    Feb 14, 2012
  7. NotMe

    1099C question

    NotMe, Apr 3, 2013, in forum: Tax
    Replies:
    6
    Views:
    410
    NotMe
    Apr 6, 2013
  8. Stephen Gsell

    No W-2 or 1099-MISC Given to Worker

    Stephen Gsell, Jun 14, 2016, in forum: Individuals
    Replies:
    1
    Views:
    248
Loading...