Do I get 1099 if I get a principal reduction from my mortgage company?
Answer: Yes. This is called cancellation of debt and you will almost certainly get a 1099-c. Please check with your accountant or tax expert on the exact consequences.
Las Vegas Real Estate Agent, Tania Michaels Keller Williams Realty
702-675-8211 http://MichaelsTeam.com
Do I get 1099 if I get a principal reduction from my mortgage company?
Answer: Yes. This is called cancellation of debt and you will almost certainly get a 1099-c. Please check with your accountant or tax expert on the exact consequences.
TANIA MICHAELS
Keller Williams Realty, The Marketplace
License S.56219
Summerlin Office:
10000 W Charleston Blvd, Suite 130
Las Vegas, NV 89135
Henderson Office:
2230 Corporate Circle, Suite 250
Henderson NV 89074
Each Keller Williams Realty office is independently owned and operated.