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1099A and 1099C and form 982

Posted on: 14th Feb, 2012 09:28 pm
i had a chapter 7 bankruptcy in 2011. my mortgage was included in the bankruptcy including a 2nd mortgage. i received a 1099a and 1099c. i know i have to include form 982 and check box 1a, however, my tax software is asking for an amount on line 2. what amount do i use for this line?
Hi harris,

In line 2, you will have to include the balance of principal outstanding. You need to contact the lender in order to find out this amount. Moreover, it will be better if you could contact a tax adviser and take his opinion in this matter.

Thanks
Posted on: 14th Feb, 2012 10:22 pm
Welcome Harris,

Well, I'm of the same opinion. You should immediately contact a tax adviser and take his opinion in this matter. He will guide you to know whether or not you need to write anything in line 2.
Posted on: 16th Feb, 2012 07:18 pm
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