Filing Taxes

[StEt0417]

WE filed ch.7 in Nov. 2011 and just got our discharged papers in the mail. We didnt pay anything on the house last year. Do we still have to file anything for taxes? The bank has yet to foreclouse on the property. Im wasnt sure if filing ch. 7 would affect how we file taxes this year and not paying on the house.

[keepmine]

No, file your taxes as usual.

[tobee43]

if you were working and rec'd your w2's and it is within the guidelines of of meet the taxable income levels you must file. you may not claim per se your property taxes or mortgage interest that the bank paid. but you still qualify for i.e. earned child care income credits, some loses if applicable (like sales of bonds or stocks you lost you shirt over) etc. also if you don't itemize you are still entitled to your exemptions and your standard deductions. who knows...maybe you have some money coming back!!

if you had absolutely NO income, NO home then those people don't file.

[helpmeout]

You would file taxes as usual. The only thing that you can't do is claim mortgage interest or property taxes since you didn't actually pay them.

[StEt0417]

You would file taxes as usual. The only thing that you can't do is claim mortgage interest or property taxes since you didn't actually pay them.

Ok great thats, thats what I was wondering. We didnt pay at all last year. I wasnt sure if the bank sends you something or not but since we didnt pay makes sense. Thanks!

[StEt0417]

if you were working and rec'd your w2's and it is within the guidelines of of meet the taxable income levels you must file. you may not claim per se your property taxes or mortgage interest that the bank paid. but you still qualify for i.e. earned child care income credits, some loses if applicable (like sales of bonds or stocks you lost you shirt over) etc. also if you don't itemize you are still entitled to your exemptions and your standard deductions. who knows...maybe you have some money coming back!!

if you had absolutely NO income, NO home then those people don't file.

Thanks, my husband works so we have his W2s to file and are ready to file but wanted to make sure the bank wasnt going to send us something.

[tobee43]

Thanks, my husband works so we have his W2s to file and are ready to file but wanted to make sure the bank wasnt going to send us something.

last year we didn't get anything either. the only time you might get something again is after the foreclosure when some banks send out the 1099A's. but many of them do not. i wouldn't concern myself about getting on until you do and it really will have no tax ramifications since you filed bk.

[kodiek]

I am in the same situation,(after chapter 7) one property foreclosure complete, two properties in the process of foreclosure but have heard nothing for six months. My questions are for the two remaining properties I know their is no mortgage interest to claim (as I paid none) but if property taxes were paid from money left in escrow and the HOA fees have been paid for one year by myself can I use them as a deduction?