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?
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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?
$15,000, based on the average marginal tax rate of 15%.
Thanks for your response.. so are saying the avg is 15%.. I heard its about 33%
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.
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
These 2 homes were investment prop's... do they still work with you?
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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