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  • Discussion:1099-A with no 1099-C
    …re of his home that indicates he was personally liable for the debts. The 1099-A triggers the reporting of a sale of the home at the fair market value repo… {{ForumReplyPost|UserID=Kevinh5|Date=9 April 2010|Text=well, a 1099-A coming from a 2nd or HELOC indicates that the HELOC foreclosed and took ov…
    3 KB (577 words) - 17:49, 9 April 2010

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  • Discussion:RENTAL PROPERTY - 1099-C AND 1099A
    I received a 1099-A Balance Box 2 -- $92,483. FMV Box 4 -- $84.000. …rly the section toward the middle under common search questions: "1099-A, no 1099-C."
    3 KB (449 words) - 13:58, 19 February 2013
  • Category:Foreclosures
    …bt forgiveness''', and any other iterations of activity that may result in 1099-A, 1099-C, utilization of Form 982, reduction of tax attributes, foreclosure… Also, you'll need to include "1099-A" and "1099-C" - whichever is relevant, or both - <u>in quotes</u> in the s…
    7 KB (1016 words) - 17:27, 21 September 2013
  • Discussion:1099-a
    …1099-c is issued than taxes must be paid if there is a gain. In this case no 1099-c was issued}} …ASearch&fulltext=Advanced+search&fulltext=Advanced+search Search "1099-A" "no 1099-C"].''
    1 KB (171 words) - 23:10, 12 October 2012
  • Discussion:1099-A with bankruptcy
    …digy.net|Date=8 April 2007|Text=1099-A- I too have a client who received a 1099-A balance outstanding. Box2 334,400.00.Box4FMV of 336,789.28 Box5 Was borrow… …rID=Moocpa|Date=16 September 2008|Text=I have a client who received a 2006 1099-A that shows balance of principal of $76817. and FMV of $77000. Personally …
    16 KB (2608 words) - 18:58, 17 October 2011
  • Discussion:1099-A versus 1099-C
    …ent year, how is a 1099-A treated in the current year's tax return? Is the 1099-A simply informational? }} …erally occur on the date of the non-judicial foreclosure. There should be no 1099-C if the borrower was personally liable for the debt.}}
    3 KB (470 words) - 15:54, 7 December 2010
  • Discussion:Rental Property Foreclosure
    TP receives 2006 Form 1099-A with the following info: Obviously the 1099-A does not take into account the 2nd mortgage. No Form 1099-C has been rece…
    8 KB (1312 words) - 21:12, 4 September 2011
  • Discussion:2 1099-As on Residence Foreclosure
    {{ForumNewPost|UserID=Barbara13|Date=7 October 2008|Text=Client received a 1099-A reporting the foreclosure of his home in Chapter 7 Bankruptcy. Balance of … Part 2: Spouse ALSO received a 1099-A for the same foreclosure with everything the same except that her's has th…
    6 KB (962 words) - 09:07, 11 October 2008
  • Discussion:COD exclusion
    …of debt, or both cancellation of debt and disposition (depending whether a 1099-A was also issued for the same debt). So, from a preparation viewpoint, if for a given tax year only 1099-A was issued, then gain or loss from disposition has to be reported, but the…
    12 KB (2101 words) - 00:21, 19 November 2008
  • Discussion:Form 1099-A - where to report information
    …had their principal residence foreclosed on this year. They've received a 1099-A, and I'm just not real sure where to report it. Their basis in the home w… The 1099-A is basically treated as a "sale of home" for the lower of FMV or amount of…
    9 KB (1627 words) - 05:48, 14 March 2010
  • Discussion:1099-A question
    …outstanding balance in Box 2 and FMV in Box 4 which is more than the loan..1099-A for each spouse..do I need to do anything with this...There is no income t… …like the minority here. Then again I've had a lot of clients who receive a 1099-A in year 1 and then a 1099-C in year 2.
    8 KB (1288 words) - 23:25, 12 October 2012
  • Discussion:No 1099-C
    … calculate that there would be debt cancellation income but since there is no 1099-C do I not report the debt cancellation income?}}
    579 B (87 words) - 17:40, 13 April 2009
  • Discussion:1099-A issued in one year and 1099-C issued in another year
    My client received a 1099-A from the foreclosure of a rental property. No 1099-C has been issued yet as the debt has not been canceled as of today. …ce of the debt owed has not been canceled, this information return is Form 1099-A.
    5 KB (792 words) - 23:23, 12 October 2012
  • Discussion:Reported 1099-A Fair Market Value
    … foreclosure on the current year return, if the taxpayer uses the reported 1099-A fair market value, do we hurt our chances of disputing that reported fair … …ext=You have a duty to report the correct FMV regardless of what the Forms 1099-A might show. You should be able to get comparable sales of properties in t…
    1 KB (244 words) - 04:11, 9 April 2010
  • Discussion:Time limitation for Insolvency
    …10 April 2010|Text=TP had a 1099-A from a foreclosed Rental house in 2008. No 1099-C was issued. I could not find out from the lender nor the TP if he would s… …99-A for another rental property that was surrendered through Chapter 13. No 1099-C. The loan values on the first house was not included in the paperwork for…
    2 KB (337 words) - 19:26, 10 April 2010
  • Discussion:Handling a 1099-A form
    …s with more of these forms due to economic conditions. My client recived a 1099-A on a secondary property that she owned, not her primary residence. She bas… …s to find out if it is recourse or non-recourse debt - perhaps a corrected 1099-A.}}
    3 KB (440 words) - 22:38, 9 May 2010
  • Discussion:Quick question- 1099c not received--What to do??
    * ''Adding search terms: 1099-A, no 1099-C.''
    4 KB (685 words) - 06:13, 14 January 2011
  • Discussion:Foreclosure and Short Sale - non-recourse?
    …r personally liable?) was checked no on the 1099-A for the foreclosure and no 1099-C was received. You cannot necessarily rely on the information on Forms 1099-A and 1099-C without verifying the information with your client or from othe…
    4 KB (680 words) - 23:00, 8 September 2010
  • Discussion:Bankruptcy, 1099-C, reduction of tax attributes
    …g to that, only a 1099-C with regards to the rental property. If there are no 1099-C's for the credit card debt, do I just ignore that? Having trouble getting … …sfy the $122,000 that you say was owed, the lender should have issued Form 1099-A, not Form 1099-C. However, as I have stated previously on this board, len…
    7 KB (1285 words) - 18:42, 9 October 2010
  • Discussion:1099-A Fair Market Value Issue
    …t a rental home to foreclosure. He received a 2009 (I'm doing 2009 return) 1099-A showing the FMV of $429,803 (box 4) and balance of remaining principle of … …09. The taxpayer has spent many months working with the bank to have a new 1099-A issued, showing a lower price. But so far, no result - he is caught in the…
    5 KB (850 words) - 17:53, 11 October 2011
  • Discussion:California forclosure
    …al%3ASearch&search=%221099-A%22+%22no+1099-C%22+California&go=Go "1099-A" "no 1099-C" California].}} …o be helpful for you to review the instructions to 1099-A; the date on the 1099-A is to be the date the lender acquired the property, e.g., at a foreclosure…
    2 KB (379 words) - 21:28, 21 February 2011

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