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Old 04-12-2010, 07:05 AM
 
1 posts, read 2,765 times
Reputation: 10

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My house was foreclosed on in October 2009 in Maryland. At the foreclosure sell at the court house there were no bids on the house. I received papers from the court ratifying foreclosure in December 2009. The lender listed the property with a real-estate agent in October and sold the house. The new owners closed on the property January 19, 2010. How long after the foreclosure before I receive a 1099?
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Old 04-12-2010, 04:20 PM
Status: "48 years in MD, 18 in NC" (set 14 days ago)
 
Location: Greenville, NC
2,309 posts, read 6,104,814 times
Reputation: 1430
I believe they could have up to 3 years. I also believe California is the only state currently doing 1099's on mortgage losses. The Feds suspended it a few years ago and I don't think Maryland ever has but I could be wrong.
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Old 04-12-2010, 04:23 PM
Status: "48 years in MD, 18 in NC" (set 14 days ago)
 
Location: Greenville, NC
2,309 posts, read 6,104,814 times
Reputation: 1430
This is, of course, dependent on whether or not you pulled any money out of the house and what you did with the money. If you refinanced and just willy nilly spent the money on cars, vacations etc then they can 1099 you. If the money was spent to improve the house then you can be 1099'd but it would be deducted up to the point that you have receipts for the money spent.

In other words... See a tax guy.
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