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Company Loan Type APR Est. Pmt.

1099-A

Posted on: 10th Apr, 2009 11:26 am
I received a 1099-A from a house I had for Investment. MY FMV is less
than the Balance of the principal. I also file a chapte 7. What I have to
do with the 1099-A?

JJ
Hi JJ

It is a form which a financial institution sends to an individual when it has liquidated the abandoned/foreclosed home of the individual. Sending this form also means that some of the proceeds went back to the individual. If your 1099A shows that you received some money back after the repossession, then the gain is your income and you'll have to report it.

Thanks
Posted on: 10th Apr, 2009 08:02 pm
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
Posted on: 26th Apr, 2009 12:07 pm
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