My question involves real estate located in the State of: Michigan
Currently dealing with a home owner that moved to Barbados 3 years ago. They purchased and lived in a Detroit condo, then later moved out of the country. They rented it out a couple of years and now its vacant. Some questions: Can or will they qualify for the Bush Mortgage Relief Act if they can prove insolvency? Now that they live in Barbados, how does/will a 1099 affect them, if at all? If so, how could the IRS collect?
Any help would be appreciated!