Posted by dhermesc on April 19, 2013 at 11:35:32 from (24.248.193.103):
In Reply to: Re: Bank selling farm posted by Ted in NE-OH on April 19, 2013 at 10:27:56:
Depends.
The bank may have accepted the land back for payment in full if the borrower didn't go through bankruptcy. Allows everything to happen fast rather than tying it up for a while in bankruptcy. The only issue is the amount the bank writes off is now taxable income to the former borrower. The bank will issue a 1099 to them for the amount the bank lost.
Tax wise your best year ever could be the year you went broke.
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