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-   -   Tax amountt (https://www.askmehelpdesk.com/showthread.php?t=140302)

  • Oct 13, 2007, 03:17 PM
    moe214
    Tax amountt
    When you get hit with a 1099-c because of foreclosure.. lets say 100k income.. what's the avge taxes that you have to pay?
  • Oct 13, 2007, 06:15 PM
    AtlantaTaxExpert
    $15,000, based on the average marginal tax rate of 15%.
  • Oct 14, 2007, 09:47 AM
    moe214
    Thanks for your response.. so are saying the avg is 15%.. I heard its about 33%
  • Oct 14, 2007, 09:58 AM
    Fr_Chuck
    It is all about your tax bracket, it is just income, like your paycheck, what percent is being held out of it, are you single or married, number of dependents, and for state taxes what state.
  • Oct 14, 2007, 12:40 PM
    Mobea
    The IRS has set up a special web site that MAY offer some relief to taxpayers in cases of home foreclosures.
    Special Web Section Unveiled for Homeowners Who Lose Homes; Foreclosure Tax Relief Available to Many
  • Oct 14, 2007, 12:53 PM
    moe214
    These 2 homes were investment prop's... do they still work with you?
  • Oct 14, 2007, 04:08 PM
    AtlantaTaxExpert
    Sorry, the relief for foreclosures are for home owners, NOT investors.

    Given these additional facts, look at a tax of about $25K.

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