Posted on: 11th Feb, 2009 06:45 pm
Hello, I am trying to do my taxes and old home, which I lost to forclosure and bankruptcy in September of last year. My lender sent me the 1099-A form and marked that I was personally liable for the difference between line 2+3.
How am I liable for the repayment if I was discharged in bankruptcy and especially before they aquired it (roughly 2 months)
Any answers are greatly appreciated!
How am I liable for the repayment if I was discharged in bankruptcy and especially before they aquired it (roughly 2 months)
Any answers are greatly appreciated!
Hi MJ,
A 1099 A form is issued in case of acquisition or abandonment of a property. Can you tell me the type of bankruptcy you filed? It will help me in answering your query.
Thanks.
A 1099 A form is issued in case of acquisition or abandonment of a property. Can you tell me the type of bankruptcy you filed? It will help me in answering your query.
Thanks.
You will need to complete Form 982 with your taxes this year to exclude the income. Also, you can refer to Irs Publications 908 and 544