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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: SHORT SALE Posted by TIM on April 24, 2003 at 8:30 PM In Reply to: Re: SHORT SALE posted by TheShortSalePro on April 24, 2003 at 3:16 PM The former owners would have to negotiate and plead with the IRS to have the "income" (i.e, forgiven debt) treated as non-taxable income. Once the 1099 is generated and sent, the IRS is on notice and the issue will have to be dealt with on the former owners' 2003 tax returns. I can't imagine they would agree to that. As if the former owners are going to hire an accountant or tax lawyer to sort through all this. If 1099s are standard with short sales, it's amazing that they ever happen. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : The former owners would have to negotiate and plead with the IRS to have the "income" (i.e, forgiven debt) treated as non-taxable income. Once the 1099 is generated and sent, the IRS is on notice and the issue will have to be dealt with on the former owners' 2003 tax returns. I can't imagine they would agree to that. As if the former owners are going to hire an accountant or tax lawyer to sort through all this. If 1099s are standard with short sales, it's amazing that they ever happen. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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