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jrcams

VA Foreclosure loss count as income?

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I had a foreclosure in 2014. The loan balance was $278k, Home was foreclosed then sold for $195k. The loan was through JPMorgan Chase, but backed by VA.

 

I have yet to file my taxes for 2014-2016 because of a huge tax mess with my ex/ divorce, identity theft, etc. We are done with the court piece, so I am working with IRS to straighten all that out. In the meantime they sent me my 2014 transcript and it shows 100,000 for the foreclosure possibly reporting as income? I'm not sure why else it would be listed. Would I be responsible for paying taxes on that amount?

 


State is Maryland FYI

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Quite possibly. While the mortgage forgiveness act expired, you may be able to grandfather use of it considering you have not filed your taxes and, if not, you may be eligible for the "insolvency" worksheet with the IRS.

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