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Guest

Hello,
I received a 1099A from our lender and a 1099C from our ELOC. We filed bankruptcy in 2009 and forclosed on our home in 2010. Our FMV was less than the lender balance. Both the lender and ELOC were included in the bankruptcy. We also live in Arizona and have the deficiency law where they will not attempt to collect a deficeny debt. Because it was included in the bankruptcy and we live in Arizona, do we stil have to file both forms?
Do we also have to file with a CPA or can we file with turbo tax like we usualy do? Thank you for your help.

Kim

Posted: Wed Jan 25, 2012 11:04 pm Post subject:

Hi Kim,

As far as I can understand, you will have to include both the forms while you're filing your taxes. You can do it on your own but if you're facing any problems or have any doubts, it will be better to contact a CPA and take his help.

adonis · Posted: Wed Jan 25, 2012 11:06 pm Post subject:

It was me above... Forgot to log in!!

Guest

Thank you for your response!
Kim

azloanguy · Joined: 08 Mar 2012 Posts: 3 1.61 Dollars($)

I would definitely file both and I would absolutely contact a tax professional to verify you are filing correctly. I'm not a CPA, but I am a loan officer, and I have heard nightmare stories that pertain to this. Save yourself a headache later by doing it right the first time.

skydendredge · Joined: 22 Jul 2011 Posts: 69 12.09 Dollars($)

A creditor issues 1099-A to a borrower when the borrower abandons real property. But, a 1099-A is not a notice of forgiveness. 1099-C is a notice which indicates forgiveness of debt.

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