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spoke diff tax expert & got 3 diff answrs. Q re taxability from 1099 for home mtg after chapter 7 bankruptcy then short sale
The question is this. I filed a chapter 7 bankruptcy and did not reaffirm my home. The plan was to surrender it. (My understanding, correct me if I am wrong), is that any 1099s I receive from a foreclosure would not be taxable at this point. Later (after discharge) I decided to short-sale the property to keep the foreclosure off of my credit...Does this now somehow create the potential for Tax Liability since I entered into a new contract under the Short Sale. Do I just file form 982 if I receive a 1099 for forgiveness of debt income. Also, somebody told me that starting in 2012 even mortgages discharged anin bankruptcy might be taxable. Is this true. Seems wrong