Income tax form 1099

[hat]

What is the name of your state? FL

Does anyone know if I will receive one of the end of year debt write off for filing income tax. BK was discharged 9/03 and a deed in lieu was recorded 1/05. Owed $176,000 on the house and it sold for $150,000. Am I going to be responsible for reporting the difference as income and if so will the whole $26,000 report as income? Thanks

[mousemeat]

While you probabaly will receive a 1099-c from the company, you will not have to claim it. According to IRS law, they must send you this form, but you will not have to declare it. I do taxes, and my son-in-law received one last year for his home. I checked out the laws, according to the IRS you do not report it. It's just a formality the company has to do. If you do receive one, check it out on the IRS.gov site, and it will tell you you need not report it. The amount will be for the total amount you borrowed on, not the $26,000.00.