What are my options if I get a 1099 form sent to me (because of a short sell) & owe money & can’t pay for it?
An Anonymous User asked:
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Contact the IRS and make payment arrangements. It is better than allowing penalty and interest to pile up.
Don’t mess around-contact the IRS now-they’ll set up a payment plan you can live with and you won’t have to worry about what will happen if you ignore it.
Federal Taxes on Foreclosures and Short Sells were forgiven by Pres. Bush for last two years, this year and next year. That is on federal taxes only, you may still owe taxes to your state.
Some states have forgiven the debts, others want the tax dollars. Check with your State Dept. of Revenue to see if you have to pay.