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GOT FORM 1099A

Posted on: 01st Feb, 2012 08:56 am
i received a 1099a form from the mortgage company on 1-2-12 i filed chapter 7 bankruptcy in 2010 i got my discharge papers in july 2010. is this the correct form or should i have gotten 1099c i`m very confused please help!!!!!
Hi ARREOLA!

Welcome to forums!

If you have surrendered the property after the bankruptcy discharge, then you will receive both the 1099a form as well as the 1099c form. You will receive the 1099a form for abandoning the property and 1099c form for the forgiven deficient balance. You will be liable for paying taxes on that forgiven debt to the IRS.

Feel free to ask if you've further queries.

Sussane
Posted on: 01st Feb, 2012 08:47 pm
Form 1099-A is Acquisition or Abandonment of Secured Property. A lender who has acquired property that was secured for a loan that hasn't been paid files this form.

If Box 5 (was borrower personally liable for repayment of the debt?) is checked NO then you need to file Schedule D (capital Gains and Losses). If Box 5 is checked YES, then you take the difference between Box 2 (Balance of principal outstanding) and Box 4 (Fair market value of property) and enter it on line 21 (Other Income) of Form 1040.

I hope you will get an :idea: .
Posted on: 02nd Feb, 2012 12:28 am
Thanks for the feed back :)
Posted on: 02nd Feb, 2012 11:32 am
You're welcome!! :)
Posted on: 02nd Feb, 2012 11:31 pm
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