CONSUMER CREDIT OF DEBT REDUCTION

CONSUMER CREDIT OF DEBT REDUCTION

consumer credit of debt reduction

4. I lost money on the foreclosure of my home. Can I claim a loss on my tax return? No. Losses from the sale or foreclosure of personal property are not deductible.

CORPORATE DEBT COLLECTION AGENCY

2. 5. Can you provide examples?
3. Corporate debt collection agency

REDUCTION CREDIT CARD DEBT

• A borrower bought a home in August 2005 and lived in it until it was taken through foreclosure in September 2007. The original purchase price was $170,000, the home is worth $200,000 at foreclosure, and the mortgage debt canceled at foreclosure is $220,000. At the time of the foreclosure, the borrower is insolvent, with liabilities (mortgage, credit cards, car loans and other debts) totaling $250,000 and assets totaling $230,000.
• Reduction credit card debt.

6. I don’t agree with the information on the Form 1099-C. What should I do?