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    moe214's Avatar
    moe214 Posts: 6, Reputation: 1
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    #1

    Oct 13, 2007, 03:17 PM
    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?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #2

    Oct 13, 2007, 06:15 PM
    $15,000, based on the average marginal tax rate of 15%.
    moe214's Avatar
    moe214 Posts: 6, Reputation: 1
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    #3

    Oct 14, 2007, 09:47 AM
    Thanks for your response.. so are saying the avg is 15%.. I heard its about 33%
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #4

    Oct 14, 2007, 09:58 AM
    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.
    Mobea's Avatar
    Mobea Posts: 220, Reputation: 15
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    #5

    Oct 14, 2007, 12:40 PM
    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
    moe214's Avatar
    moe214 Posts: 6, Reputation: 1
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    #6

    Oct 14, 2007, 12:53 PM
    These 2 homes were investment prop's... do they still work with you?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #7

    Oct 14, 2007, 04:08 PM
    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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