If you are considering a Miami short sale of your home, you will need to take into consideration that you may receive a form 1099-C for the amount of the lender’s losses. The reason being is this is considered loan forgiveness by the IRS. Also, you might need to consider that if you have assets the amount on the 1099-C might be taxed as regular income. These are all things to take into consideration in a Miami short sale. You should consult a qualified tax and legal counsel to see if these circumstances apply.
We offer free consultations on Miami short sales and explain the process so that you can make an informed choice. This is an important financial decision and you should be fully aware of all possible implications that apply to a short sale.
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