pkpkathy

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About pkpkathy

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    California
  1. Thank you for your reply. Since it was my primary residence, I guess I'm OK, at least in the tax department! Unfortunately lost the $300K I put down when I purchased it. Too bad I'll never recover that amount in my lifetime!
  2. I did a short sale on my primary residence that closed Dec 29th 2010. I just now (Feb 2012) received a 1099C for the short sale amount ($200K). It was dated Jan 6 2011. The paperwork from the escrow company says the date the transaction was completed and funded was Dec 29th. The mortgage was with BofA. The short sale approval paperwork from the bank says that BAC and it's investors waive the remaining balance on the loan and release the borrower from further obligation therein, and waive all rights to pursue further judgment or deficiency. My tax return reflects the sale in 2010 even though I didn't have a 1099C at that time. Do I have to go back and file an ammended return with this amount ($200K) as debt relief in my regular income that year? Or since it is dated 2011 is it reported this year? Since it was my primary residence, I should not have to pay taxes on this amount, is that correct? Thank you for your answer.