Preforeclosure Analysis: Prepared by Paul Stansen, Attorney

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Client(s) is/are strongly advised to consult a tax specialist or personal certified public accountant to discuss the tax reporting implications of whatever option is pursued in connection with the sale or other disposition of the property. Depending on which option is pursued, a homeowner / borrower could experience both recognition of ordinary income from the cancellation of debt AND capital gains.

Consider: IRS FAQ re 1099 Income - see also, Publication 523 (2006), Selling Your Home.
Also: Instructions for Completing Forms 1099-A and 1099-C (Issuance of 1099s)

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