Legal Question in Real Estate Law in California

I never rec'd a 1099 for a "cash for keys" buyout back in 2011. I forgot about it and therefore didn't add it as income on my taxes. I didn't even know that I should've reported it. The IRS has now contacted me for the money. Am I responsible for the penalties and interest considering this was an oversight on my part? Wasn't it the loan servicing company's responsibility to send me a 1099?


Asked on 2/18/14, 8:49 pm

1 Answer from Attorneys
Anthony Roach Law Office of Anthony A. Roach

The fact that someone who paid you money did not issue a 1099 is between them and the IRS. It does not relieve you of your responsibility to report the income.

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Answered on 2/19/14, 7:56 am


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