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my husband and were received a bankruptcy discharge September 2008, which included a home loan. They foreclosed on us the following year, per our attorney this is "normal" becuase even though we had no mortgage any longer due to the bankruptcy, they still need to foreclose to take the property back. It was foreclosed on September 2009 and now, Jan 2010 we have received a 1099-A form stating that the balence was 84,516 and the FMV was 50,000 and box #5 states "yes" we are are liable for the repayment of the debt. What does this mean? is this an error? I thought the bankruptcy cleared it all away. How does this affect how I need to do my taxes this year? HELP!!!

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I filed for Ch.7 BK in 2008 in which I included a couple mortgages, one for my principle residence and one for an investment property. In 2010 the bank finally foreclosed on my investment property and I received a 1099A. Do I just check box 1A and put the amount in 2? Or do I need to complete the bottom portion as well?

Also in 2011 I finally had to short sale my primary residence because the bank would not foreclose and I was incurring significant HOA dues. The escrow company sent me a 1099 with the sale amount. How do I complete 982 for this? It was included in my BK but it was also my principle residence. I am confused!!

Like | Dislike | Share | Posted: Thu, 03/22/2012 - 20:49 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Donna,

I will suggest you to contact a tax advisor and take his opinion in this matter. He will guide you in filling out the tax form.

Like | Dislike | Share | Posted: Fri, 03/23/2012 - 01:10 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I abandoned my condo in 2008. In 2009 I filed Chapter 7 BK including the debt on the condo and it was completely discharged. Now in 2012 I receive a 1099A from BofA that states:
Box #2: $276,539.07
Box #4 FMV -$78,500.00

How do I report this on my taxes? Tell me as if I were a 6 year old child cause it makes no sense to me why I even got this 1099A. BofA said they sold the place in 2012. What do I care that they sold it? Why am I getting this 1099A? Once again...what do I do with it? Thanks!

Like | Dislike | Share | Posted: Mon, 01/28/2013 - 18:16 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Mark!

Welcome to forums!

You should contact a tax professional and get his opinion in this regard. You will receive this form in case there is an acquisition or abandonment of secured property.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Mon, 01/28/2013 - 22:16 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

box 2: 105,259
box 4: 127,798
the home was included in my bankruptcy. What do I need to do with this information? Thank you

Like | Dislike | Share | Posted: Wed, 01/30/2013 - 18:14 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi As!

Welcome to forums!

Box 2 in 1099a form refers to the balance amount owed on the principal and Box 4 refers to the fair market value. In your case, the fair market value of the property is greater than the balance amount owed. You should contact a tax adviser and he will let you know as to what you need to do with the form.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Wed, 01/30/2013 - 20:53 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have just received a 1099-A after i filed my taxes on turbo tax. I was unaware that I wuld receive this because I filed chapter 7 and received my discharge by the court on 5/5/10. On the 1099-A under box 1 it stated DATE ACQUIRED BY LENDER OR ABANDONED 5/25/12 AND BOX 5 BORROWER WAS PERSONALLY LIABLE FOR REPAYMENT OF DEBT!omg!could you please tell me what I need to do?thank you!

Like | Dislike | Share | Posted: Fri, 02/01/2013 - 07:19 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I received a 1099-A for 2012. I filed for Chapter 7 on 10/2012 and received a discharge from the court on 02/2011. The property was our primary residence until we moved on 8/2012:
Box1- Date of lenders acquisition of abandonment 1/30/12
Box2- Principal balance outstanding $277,822.85
Box4- FMV $74,375
Box 5 - Checked, borrower was personally liable of repayment or debit.
OMG! I'm stressing out. Did the chapter 7 not cover this discharge. How or what do I do with my taxes for 2013? Please help!

Like | Dislike | Share | Posted: Sat, 02/02/2013 - 23:34 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

correction filed Chapter 7 on 11/2010, discharged on 01/2011 and received 1099-A for 2012..please help

Like | Dislike | Share | Posted: Sat, 02/02/2013 - 23:37 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

If you were personally liable for paying the debt, then did you pay it off? If yes, then you won't have to pay taxes. It will be better if you could immediately get in touch with a tax adviser and take his opinion in this regard.

Welcome stressedbownie,

As per the 1099a form, you were liable for paying the deficient balance. But if you haven't reaffirmed the loan, then you're not personally liable for it. Contact your bankruptcy attorney and take his opinion in this regard.

Like | Dislike | Share | Posted: Sun, 02/03/2013 - 23:24 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,
I rec'd a 1099-A dated 1/20/12. I foreclosed and gave home back to bank through bankruptcy that was discharged on 5/19/11. Balance on principal is 271,657.32 and FMV is 120,100.00. Box 5 is NOT marked. I am unsure how to treat this document as I just received it 1/21/13 but it was 1099 to me dated 1/20/12. Am I liable for the difference as income? I thought my BK dismissed me from this debt when I gave my home back through the bk process? Please help! Thanks, les

Like | Dislike | Share | Posted: Sun, 03/24/2013 - 10:01 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

if you receive a 1099a......will you always get a 1099c at some point..or can the bank not send one if they do not want to

Like | Dislike | Share | Posted: Mon, 03/28/2011 - 15:42 | Post subject:

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