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  1. #1
    Join Date
    Apr 2011
    Location
    michigan
    Posts
    1

    Default Short Sales and 1099 Taxable Income

    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!

  2. #2
    Join Date
    Sep 2010
    Posts
    19,901

    Default Re: Short Sales and 1099 Taxable Income

    Info here: http://www.irs.gov/pub/irs-pdf/p4681.pdf

    My read is that if the home was their main home at the time the loans were taken, they can if they otherwise qualify.

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