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Debt Relief – Insolvency – Bankruptcy Information » Foreclosure Law » Why did we receive a 1099-misc from the law firm that handled our foreclosure?

Why did we receive a 1099-misc from the law firm that handled our foreclosure?

We understandably received a 1099-A (Acquisition or Abandonment of Secured Property) from the Freddie Mac on behalf of our mortgage company. But, why did we receive a 1099-misc (miscellaneous Income) for “Non-employee compensation” from the law firm that handled it?

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2 Responses to "Why did we receive a 1099-misc from the law firm that handled our foreclosure?"

  1. Infiniti says:
    Did they wave any legal fees? If so, that may be considered income. You better double check.
  2. Tim says:
    That’s weird. The law firm would have been paid by Freddie Mac so why they would 1099 you is just strange.

    Have your tax preparer look in to The Mortgage Debt Relief Act of 2007.

    http://www.irs.gov/individuals/article/0,,id=179414,00.html

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