Discussion:RENTAL PROPERTY - 1099-C AND 1099A

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Discussion Forum Index --> Consumer Questions --> RENTAL PROPERTY - 1099-C AND 1099A


Bsembarski (talk|edits) said:

28 March 2006

NEED ADVISE AS TO HOW TO REPORT THIS. HELP,PLEASE

RENTERS HAD TO BE EVICTED IN 2005 FOR NON-PAYMENT OF RENT, I RECEIVED NO INCOME FOR YEAR 2005. HAD TO LET THE HOME GO BACK TO BANK. FOR YEAR 2005: I RECEIVED A 1099C FOR $1800. DEBT CANCELED I RECEIVED A 1099A FOR BALANCE OUTSTANDING $92000. FMV - 84000. I RECEIVED A 1099-S GROSS PROCEEDS $2500.

Bsembarski (talk|edits) said:

29 March 2006
Sorry I have this wrong, The 1099C was for a personal credit card loan,

RECEIVED A 1099A FOR BALANCE OUTSTANDING $92000. FMV - 84000. I ALSO RECEIVED A 1099-S GROSS PROCEEDS $2500.

Dennis (talk|edits) said:

29 March 2006
You have received no replies to this because your information makes no sense. Did the bank actually sell a property with a stated fair market value of $84,000 for $2,500?

Bsembarski (talk|edits) said:

7 April 2006
Sorry if I confused you, but confised me also.

Client has a rental property, the tenants were evicted and I just let it go. I received $1000. deposit and that was the only rent received in year 2005. I received a 1099-A Balance Box 2 -- $92,483. FMV Box 4 -- $84.000. I also received a 1099-S - for $2,500. proceeds from foreclousure. both having same date.

I have looked at Form 4797. I cannot find where these amount are to be listed, have depreciation taken of $7054. Her Basis in property is $86,000. Does this help, or should I relist.

Riley2 (talk|edits) said:

8 April 2006
It sounds like there was a second mortgage on the property. If the home was sold through a foreclosure sale in which the second mortgage holder initiated the foreclosure proceedings, then the $2,500 would be treated as part of the sales proceeds. In addition, if the successful bidder took possession of the property subject to the existing first mortgage of $92,483, then the $92,483 would also be treated as part of the sales proceeds.


K2denise (talk|edits) said:

19 February 2013

I have a question...

My client received a 1099A on rental prop. I know she will have an ordinary loss. What hapens if/when she receives a 1099C? Can I use form 982 for the qualified business real property exclusion at that time? (different year)

Trillium (talk|edits) said:

19 February 2013
K2: In case you are a tax pro, who just happened to post to an old non-pro question (you didn't update your user info, so I can't really tell): I'd suggest that you consult the Category:Cancellation of Debt, 1099-C, 1099-A, short sales, foreclosures, debt forgiveness, 982, etc. recap page, particularly the section toward the middle under common search questions: "1099-A, no 1099-C."

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