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1099-A What to do

Asked Feb 9, 2012, 05:44 PM — 2 Answers
I'm Not sure what to do with 1099-a I got. Do we wait for a 1099-C
And if so should we not have received it by now
We lost our home to foreclosure in Oct, home
Was sold at auction
The form reads

Box 2 180,032
Box 3 Blank
Box 4 99,000
Box 5 no check mark



Thank for the help in advance

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Mike36's Avatar
Mike36 Posts: 4, Reputation: 10
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#2

Feb 9, 2012, 05:48 PM
Sorry forgot to add the foreclosure was in California
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MukatA's Avatar
MukatA Posts: 7,105, Reputation: 963
Tax Expert
  
#3

Feb 9, 2012, 06:38 PM


Box 5 is not checked. It means you are not personally responsible to pay the loan.
Non-Recourse Loan. A non-recourse loan is a loan for which the lender’s only remedy in case of default is to repossess the property being financed or used as collateral. The lender cannot pursue you personally in case of default.
So in your case debt canceled in not income. Your U.S. Tax Return: Foreclosure or Repossession of Main Home
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