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  1. dealingwithHomeEq

    dealingwithHomeEq Fighting Homeowner

    It looks like a lot of people are now stressing out over having to deal with filling out the insolvency form because of a 1099 on forgiven debt. Just as a reminder, there is the option to file for an automatic extension until October 15.

    http://www.irs.gov/pub/irs-pdf/f4868.pdf

    If you ended up owing tax, you would still have to pay interest and penalties for the six-month extension period. On the other hand, if it looks like you would owe no tax and just haven't had the time or money to see an accountant, it may be a reasonable option to file for an extension.

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