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| Was talking to a friend today and he said he had his taxes done yesterday. I asked how hard did they hit you up? He had a short sale house a 401 cash in, bankrupty, and bought a mobile home from a mobile park owner(least wise makes his payments there)
He said didnt have to declare any of the short sale since they didnt 1099 him on that. AND neither did where he makes his payments on the mobile he bought. I said didnt think it worked that way and he had to figure these things in anyway even if no 1099.
Said he didnt have enough to file long form,,,just did short one I think.
My question is does he HAVE to self compute this if his house sold for slightly more than the loan so after expenses there had to be some forgiveness??? Do lenders automatically 1099 seller on a short sale??? | |
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question for tax gurus
