Off topic question about my shortsale.(taxes)
I did a shortsale on my Townhome last June (CA) and it falls under the Mortgage Forgiveness Debt Relief Act which expires at the end of this month. I have a 1099 that the IRS sent me. It's my understanding that a CPA can waive the amoujnt on this 1099. The amount is the difference from what I bought the home for and what I sold it for. 130,000 dollars. When you take a lose, it shows as taxable income. My question is: has anyone gone through this process and or how do I go about doing this? I went to an H&R Block against my better judgement and they were stupdified. They had no idea about the Relief Act as I figured. I just walked out. Anyone have a good tax person I could even be counciled by? Any help is appreciated.
If @ 1st you don't succeed, grind it, hammer it, weld it, drink a beer and try again.