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1099-A

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Ann Guest	Posted: Tue Feb 23, 2010 6:42 am    Post subject: 1099-A Like 0 Dislike 0 I received a 2009 1099-A "Acquisition or Abandonment of Property." The current balance of the loan is higher than the FMV; do I need to file anything with the IRS this year? Will I be receiving a 1099-C on a later date? The lender foreclosed the property which is not our primary residence. Thanks. _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Tue Feb 23, 2010 10:34 pm    Post subject: Like 0 Dislike 0 Hi Ann! Welcome to forums! If the lender has forgiven the deficient balance, then you would receive a 1099c. The IRS can charge taxes for this forgiven amount. You should contact a tax adviser and he may be able to guide you in this regard. Feel free to ask if you've further queries. Sussane
Laguna Guest	Posted: Thu Feb 10, 2011 9:11 pm    Post subject: 1099A Like 0 Dislike 0 It is the same what I got from my lender. The question is: Do I have to pay taxes if I got 1099 form and the balance of principal outstanding is bigger than FMV?
Laguna Guest	Posted: Thu Feb 10, 2011 9:12 pm    Post subject: 1099A Like 0 Dislike 0 sorry, I got 1099 A form
Nikki Guest	Posted: Tue Feb 15, 2011 9:13 pm    Post subject: 1099a Like 0 Dislike 0 I am currently in Bankruptcy , I received a 1099a form do I have to claim on my taxes because my bankruptcy is not completed? The house is already been taken bank from the bank. No one seems to have answer. My account or bankruptcy lawyer. HELP!!!!
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Wed Feb 16, 2011 9:59 pm    Post subject: Like 0 Dislike 0 Hi! Welcome to forums! To Laguna, If your lender forgives the outstanding balance resulting from the property sale, then you'll be liable for paying the taxes on that amount. But in that case, you'll receive the 1099c form. To Nikki, You will have to attach the form with your tax documents. You should contact a tax adviser and he will guide you further in this regard. Feel free to ask if you've further queries. Sussane

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