What does deficiency waiver mean

You could still owe taxes on the amount waived.You can also contact the third party that reported the information in question (e.g.A notice of deficiency is a legal notice sent by the irs to a taxpayer informing them that the taxpayer owes a certain amount of tax, as the taxpayer's tax return does not match the irs' records.A notice of deficiency is sometimes also.A judgment made by a court against a debtor indicating that the sale on a foreclosed piece of property did not cover the outstanding mortgage in full.

You're upside down or underwater).Overall, as long as you keep the lines of communication open, you should have no trouble sorting through a notice of deficiency.You can submit your response by:A letter explaining the purpose of the notice, the amount of the deficiency, and the taxpayer's options.The notice of deficiency is a legal determination that is presumptively correct and consists of the following:

The act only applies to forgiven debt in.In a short sale, the.