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trishmurphy05 · Joined: 25 Jan 2011 Posts: 1 1.44 Dollars($)

My condo was foreclosed on and I included it in my bankruptcy - i just rec'd form 1099a from the lender. Advice was given on this blog to fill out tax form 982 "lines 1E and 2" for my exact situation. However, on form 982's instructions, it says CAUTION:
"If the discharge occurs in a title 11 case, you cannot check box 1e. You must check box 1a andcomplete the form as discussed below under A nonbusiness debt. If you are insolvent (and not in a title11 case), you can elect to follow the insolvency rules by checking box 1b instead of box 1e andcompleting the form as discussed below under A nonbusiness debt."

CAN YOU TELL ME WHAT THE CORRECT WAY TO FILL OUT THE FORM WOULD BE? THANKS.

adonis · Posted: Tue Jan 25, 2011 9:18 pm Post subject:

Hi trishmurphy,

As this is a tax form, your best option will be to contact a tax adviser and take his opinion in this matter. The tax adviser will go through the papers and help you in filling them.

Guest

I have the same situation, lost condo in bankruptcy, foreclosed last year, got 1099-A, how the hell do I fill out this 982? An IRS agent told me to mark 1A...but the rest of the form...I am unclear on...

adonis · Posted: Wed Feb 09, 2011 10:25 pm Post subject:

Hi Guest,

Your best option will be to contact a tax adviser and take his help in this matter.

Guest

if you filed bankruptcy check check box 1a.

Since you filed bankruptcy, dont check the insolvency box, you already proved you're insolvent by filing BK and BK is the best 'credential' proving debt discharge not cancellation. They didn't cancel the debt YOU got rid of it thru BK.

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Tax form 982 - 1099A - foreclosure w/bankruptcy

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