lenders were able to do it for sales of houses

lenders were able to do it for sales of houses
by jt (2024-02-24 11:00:53)

In reply to: They did this for PPP loans that were forgiven posted by catripledomer

during the housing crisis if the borrower sold for less than what was owed.

If you sold your house for 400k, for example, and you owed 500k, you would get a 1099 for 100k.

Replies:

Cancelation of debt has always been taxable as income. - EricCartman 2024-02-25 09:51:43