Posted by John on March 12, 2006 at 22:52:56:
It is done on fed level.
Amount owed minus SS amount= 1099 amount of possible taxable income for seller. This may or may not be a taxable amount. Consult a CPA for a specfic situtation.
tax implications on short sales - Posted by dan gabrielli
Posted by dan gabrielli on March 12, 2006 at 21:37:59:
whats the deal on 1099’ing a homeowner on a short sale of his home. does this vary from state to state? and how is it computed?