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Updated almost 15 years ago,

Kathryn K.'s profile image
Kathryn K.'s profile image
Kathryn K.
  • Real Estate Investor
  • from San Pablo, California
  • Member since Sep 23, 2008
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User Stats

50
Posts
12
Votes
Kathryn K.'s profile image
Kathryn K.'s profile image
Kathryn K.
  • Real Estate Investor
  • from San Pablo, California
  • Member since Sep 23, 2008
Connect
Kathryn K.
  • Real Estate Investor
  • San Pablo, CA
12
Votes |
50
Posts
Personal Finance

Declaring Insolvency to IRS

Kathryn K.
  • Real Estate Investor
  • San Pablo, CA
Posted

If someone is insolvent at the time of a shortsale and is issued a 1099 for forgiven debt, does filing insolvency with the IRS affect a person's credit? Does the IRS report to the credit bureaus? It would seem that if one files by the deadline and is technically insolvent, then there is no default of debt because none is technically due. Anyone know about this?

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