Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- Lacerte Tax
- :
- Lacerte Tax Discussions
- :
- Re: 1099-NEC from mortgage company
1099-NEC from mortgage company
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
maughact
Level 4
10-21-2024
11:46 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
My client received an IRS bill for a 1099-NEC from a mortgage company. My client had a foreclosure and the payment reported on the 1099 was for a move out payment. Would this type of payment be subject to self-employment tax? I'm wondering if it's worth drafting a letter to IRS asking to wave that part of the tax?
Thanks
2 Comments 2
abctax55
Level 15
a month ago
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
A Form 1099-NEC for debt forgiveness is 100% wrong. I don't think anyone is *in the business* of collecting 'cash for keys'.
So yes, challenge the SE tax on this with the IRS. I'd also bug the h*ll out of the mortgage company to correct it.
HumanKind... Be Both
