Joint Tax Return &1099-c
Before we were married, my wife entered a contract to buy a home. After we were married, she agreed to a deed in lieu of foreclosure with the lender. Now she received a 1099-c for the full amount of the purchase price. We filed jointly this year. Is this going to affect me? Any advice please.
1 Answer from Attorneys
Re: Joint Tax Return &1099-c
Since you filed a joint return, it very well could affect you. You may be able to undo this if you refile seperately before April 15 of this year. Check with your accountant.
The 1099 potential income must be further investigated. If it was for your personal residence, there are special rules that apply and could potentially result in no tax consequence. If it was investment property, there are different rules.If you would like further information, please call to schedule a consultation.
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