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Posted: Thu Apr 16, 2009 10:25 am Post subject: 1099a form

Our home was forclosed was sent a 1099A outstanding balance218,892 65 fmv 137,735.37 box 5 is marked yes are we responsible for the difference?

smithsussane · Posted: Thu Apr 16, 2009 10:56 pm Post subject:

Hi Guest!

Welcome to forums!

As far as I know, when a property is foreclosed, you'll have to pay the deficient amount resulting from the sale of the property. However, if the lender forgives the deficient amount, then he'll send you a 1099-c form. You can also consult a tax adviser and take his opinion in this issue.

Sussane

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

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1099-A is an informational only form the lender has to file that indicates their loss to the IRS, where a 1099-C would be possibly income to you (debt less FMV would be your income) unless you were insolvent, filed BK, and another confusing idea is whether your state allows deficiency judgments- if not, I don't think a 1099-C would affect you.

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1099a form