Ginn Real Estate Investors Receiving a 1099-C from Their Lender May be Exempt from Tax Liability
New York, NY, March 15, 2013 --(PR.com
)-- Hilton Wiener, a New York tax attorney and CPA, is urging investors who received a 1099-C from their lender following the settlement of a foreclosure, short sale or deed in lieu of foreclosure to contact the firm before filing their 2012 tax return. A tax return for a prior year should also be reviewed as it may be amended, depending upon the facts of the case.
A 1099-C is generated from the lender following a settlement or forgiveness of indebtedness as it typically represents an accretion in the wealth of the borrower and is therefore considered taxable income. Likewise, the lender is motivated to issue the 1099 as it provides the lender with a corresponding tax deduction based upon its supposed loss in writing off the balance of the loan.
Several lawsuits have been filed against Ginn Development and certain lenders and/or agents alleging they engaged in a massive real estate and mortgage fraud scheme. Mr. Wiener, who happens to be an investor in two Ginn properties, has written tax opinion letters for several owners challenging the propriety of the 1099 and taking the position that it is neither income to the taxpayer nor deductible to the lender.
Depending upon the specific facts, the tax opinion is applicable to a 1099 received from banks that loaned money to the purchasers of Ginn real estate, including the following Ginn projects:
-- Bella Collina, Montverde, FL;
-- BriarRose, Lake Oconee, GA;
-- Laurelmor, Boone, NC;
-- Cobblestone Park, Blythewood, SC
-- Reunion Resort, Orlando, FL;
-- Tesoro Preserve, Port St. Lucie, FL;
-- Hammock Beach and Yacht Harbor Village, Palm Coast, FL;
-- Hammock Beach Resort, Palm Coast, FL;
-- Conservatory at Hammock Beach, Palm Coast, FL;
-- Hutchinson Island, Hutchinson Island, FL;
-- Quail West, in Naples Florida;
-- Pine Island, Pine Island, FL;
-- Ginn Sur Mer, Grand Bahama Island;
Mr. Wiener is offering a free legal evaluation to all purchasers or investors in Ginn properties that have received a 1099 from their lender. Visit the website at www.hiltonwienerlaw.com
or call 561-750-6672.