Foreclosed homes/How to report? | 401k Questions

Question

Asked 12/14/2007

Foreclosed homes/How to report?

We have a house that was foreclose and was auction on September 18, 2007. The lender was not able to sell it at auction and a real estate agent is listing the property right now as bank owned. As of today, December 14, 2007 the property has not been sold. Should we wait for the lender to sell the property first, before reporting it to IRS. What if they can't sell it by the end of December 2006, and we need to file our income taxes for 2006? Should that not be included yet.

I really appreciate for your response.

Share | Abuse

Post Response

Answers

Answer 1/1 - Submitted 12/14/2007

Here's a link about the new tax breaks that were passed in September for people who's homes have gone into foreclosure:

http://www.irs.gov/newsroom/article/0,,id=174022,0 0.html

Hope that helps!

Share | Abuse

Answer This Question Now

Type your Answer in the box below and post your answer.

Learn more about how this works

401k Related Topics

Related Questions (Ask a New Question)

As a single member llc, can i set up an individual 401k account under my itin or must i apply for an ein?

Where in the irs regs/publications is this question answered? thanks

See Answers

Can i roll over my previous 401k account to a dif company and have it in individual stocks

Can i roll over my previous 401k account to a dif company (td ameritrade 401k) and have it in individual stocks

See Answers

Can my husband roll his 401k over into my 401k when he changes jobs? his new employer does not have a 401k.

My husband changed jobs a year ago and has funds in the old employer's 401k plan. his new employer doen't have a 401k. we make too much to do an ira.we would like to consolodate his 4oik with my current 401k. is this possible to roll over his funds into the 401k with my employer?

See Answers

Related Questions

As a single member llc, can i set up an individual 401k account under my itin or must i apply for an ein?

Where in the irs regs/publications is this question answered? thanks

See Answers

Can i roll over my previous 401k account to a dif company and have it in individual stocks

Can i roll over my previous 401k account to a dif company (td ameritrade 401k) and have it...

See Answers

Can my husband roll his 401k over into my 401k when he changes jobs? his new employer does not have a 401k.

My husband changed jobs a year ago and has funds in the old employer's 401k plan. his...

See Answers

401k laws

How long does an employer have to deposit 401k dollars from you check into your 401k plan?...

See Answers

My 401k

I can't find my 401k and the company i work with them was closed ten year ago and i not...

See Answers

401k

We borrowed against our 401k a few years ago and are making monthly payments back into the...

See Answers

See more 401k questions

Advertise on this Site