topic Re: Proceeds from Foreclosure in Get your taxes done using TurboTax https://ttlc.intuit.com/community/taxes/discussion/re-proceeds-from-foreclosure/01/1573483#M989435 <P><SPAN style="color:null"><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><STRONG>It depends.</STRONG></SPAN></SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="color:null"><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">The treatment would be dependent upon whether this was for a principle residence or a rental/investment property.</SPAN></SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="color:null"><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Please see the following link specifically for information as it relates to foreclosures.</SPAN></SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><A href="https://turbotax.intuit.com/tax-tips/home-ownership/how-short-sales-and-foreclosures-affect-your-taxes/L3itburIV" target="_blank"><SPAN style="color:null">Foreclosure treatment for taxes</SPAN></A></SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="color:null"><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Please see the following link for more details as to whether it would be taxable to you based upon the type of debt that was cancelled.</SPAN></SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><A href="https://ttlc.intuit.com/community/credits-and-deductions/help/is-canceled-forgiven-or-discharged-debt-taxable/00/25790" target="_blank"><SPAN style="color:null">Tax treatment of debt cancellation</SPAN></A></SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><A href="https://ttlc.intuit.com/community/entering-importing/help/what-do-i-do-with-form-1099-a/00/25607" target="_blank"><SPAN style="color:null">Form 1099-A treatment for taxes</SPAN></A></SPAN></SPAN></P> <P>&nbsp;</P> Thu, 07 May 2020 17:49:25 GMT JotikaT2 2020-05-07T17:49:25Z Proceeds from Foreclosure https://ttlc.intuit.com/community/taxes/discussion/proceeds-from-foreclosure/01/1559639#M989434 <P>I had excess proceeds from a foreclosure.&nbsp; Do I report it as income?&nbsp; How is it taxed?</P> Sat, 02 May 2020 18:41:05 GMT https://ttlc.intuit.com/community/taxes/discussion/proceeds-from-foreclosure/01/1559639#M989434 ElEme 2020-05-02T18:41:05Z Re: Proceeds from Foreclosure https://ttlc.intuit.com/community/taxes/discussion/re-proceeds-from-foreclosure/01/1573483#M989435 <P><SPAN style="color:null"><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><STRONG>It depends.</STRONG></SPAN></SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="color:null"><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">The treatment would be dependent upon whether this was for a principle residence or a rental/investment property.</SPAN></SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="color:null"><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Please see the following link specifically for information as it relates to foreclosures.</SPAN></SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><A href="https://turbotax.intuit.com/tax-tips/home-ownership/how-short-sales-and-foreclosures-affect-your-taxes/L3itburIV" target="_blank"><SPAN style="color:null">Foreclosure treatment for taxes</SPAN></A></SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="color:null"><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">Please see the following link for more details as to whether it would be taxable to you based upon the type of debt that was cancelled.</SPAN></SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><A href="https://ttlc.intuit.com/community/credits-and-deductions/help/is-canceled-forgiven-or-discharged-debt-taxable/00/25790" target="_blank"><SPAN style="color:null">Tax treatment of debt cancellation</SPAN></A></SPAN></SPAN></P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><A href="https://ttlc.intuit.com/community/entering-importing/help/what-do-i-do-with-form-1099-a/00/25607" target="_blank"><SPAN style="color:null">Form 1099-A treatment for taxes</SPAN></A></SPAN></SPAN></P> <P>&nbsp;</P> Thu, 07 May 2020 17:49:25 GMT https://ttlc.intuit.com/community/taxes/discussion/re-proceeds-from-foreclosure/01/1573483#M989435 JotikaT2 2020-05-07T17:49:25Z