Posted on: 05th Feb, 2011 06:22 am
I receive a 1099-a for abandonment of property. how do I go about filing? In box 2 show the outstanding balance more than the box 4 and box 5 mark with "yes" for liable for repayment of the debt. This is my primary home and it went into foreclosure in Oct 2009 and now they just send me this form. I have alot of my friends that they're house went into foreclosure if they receive any of the 1099-a and they have not and their property went into foreclosure in 2008. What should I do? what form do I need to file? Please help. I was doing my taxes using taxslayer and use schedule D to input the information it calculate that I owe alot of taxes. Is that true?
Welcome ryulikeme,
You should contact a tax adviser and he will guide you in filing the form along with your tax documents.
You should contact a tax adviser and he will guide you in filing the form along with your tax documents.