I received a call today from a seller on a short sale that I had done last year. The pay off was 99500 and we closed for 80000 minus commission. They sent her a 1099 in the mail for the difference. I told her that she needed to at the time of listing property speak to a CPA concerning the amount that the bank would be loosing doing the short sale. Of course she didn't........ So when she went to do her taxes. She was under the impression that this was going to help her get back more money...... So she calls when she finds out that this amount is taxable. Do I tell her about the ACT and the 982 form that they can fill out?
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