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Any idea on tax amount

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This is a discussion on Any idea on tax amount within the Countrywide Home Loans - Tell Us Your Countrywide Story forums, part of the Stop Foreclosure and Tell Us Your Story category; for forgiven debt in California? I should prepare for the worst I suppose. I owe $410,000 on the house but ...

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02-19-2009, 09:37 PM	#1 (permalink)
criznik Junior Member Join Date: Feb 2009 Posts: 4 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Any idea on tax amount for forgiven debt in California? I should prepare for the worst I suppose. I owe $410,000 on the house but it's worth about 180k. The loan will be recourse because I have refinanced a couple of times, and I'd be a fool not to expect to get a 1099. Any ideas on how much tax I would owe on the 230k deficiency?

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