Out of the blue, I received a check from Wells Fargo Home Mortgage for a home that they forclosed on in 2011. I lost this home to foreclosure after a lengthy back and forth with Wells Fargo Home Mortgage.
The check came with a letter stating: "Dear Mr_________: During a review of your account, we identified that when the loan was considered for payment assistance options, it may have been improperly denied. As a result, we are including a check for $X. When applicable we are also waiving fees related to this error or providing account credit or both.
- The check may include amounts for differences in interest, monthly payments, principal balance, fees or any combination of these.
- This payment is in addition to any amount we may have previously sent. We apologize for any inconvenience this may have caused."
I want to know if this is counted as taxable income. Wells Fargo explained to me that if it was as such, they would send a 1099 misc by January 31st of this year. I have not received a 1099 from them to date. I also called Wells Fargo Home Mortgage remediation about not having received the 1099 and they stated that after looking into the payment, that no IRS reports were made and thus no 1099 was to be sent. I just need to know how to move forward so that I can have Turbo Tax prepare my taxes bythe deadline. Thank-you for any info.
