TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 2

Solved

1099-c 1st I assumed a mortgage then in the same day the company offered a short sale on it. I paid cash for it. there was a 12,000 difference. now I'm getting the 1099-c

Forum|Forum|7 years ago
June 1, 2019
2 replies
27 views

No text available

TurboTax Deluxe Online

Best answer by

If you purchased a home as a short sale, the 1099-C should have been sent to the prior owner, meaning you assumed the reduced mortgage amount at the closing. If the mortgage company gave you a lower mortgage value after the assumption took place at closing, and you agreed to the debt reduction, then the debt forgiveness would be yours. This is a very unusual turn of events, since it means you would have agreed to assume the mortgage at the balance due amount at time of closing, and then the company offered to reduce it for you afterwards. It's difficult to see why they would have done that if you were already obligated to pay the assumed balance. You really need to discuss this with the mortgage lender who sent you the 1099-C.

A

Anonymous

Answer

If you purchased a home as a short sale, the 1099-C should have been sent to the prior owner, meaning you assumed the reduced mortgage amount at the closing. If the mortgage company gave you a lower mortgage value after the assumption took place at closing, and you agreed to the debt reduction, then the debt forgiveness would be yours. This is a very unusual turn of events, since it means you would have agreed to assume the mortgage at the balance due amount at time of closing, and then the company offered to reduce it for you afterwards. It's difficult to see why they would have done that if you were already obligated to pay the assumed balance. You really need to discuss this with the mortgage lender who sent you the 1099-C.

shannon74jAuthor

Level 2

Thank you! also, my dad has bought turbo tax , is there a way I can transfer my stuff over so I don't have to pay to file since he already purchased the program?