TEgnor
Jan 20, 2014, 05:28 AM
I have a 1099-A on a foreclosed property and have already determined that I qualify to exclude the capital gains because the house was my primary residence. Publication 17 instructs not to report gains that are excluded.
My concern is that the creditor sent the 1099-A information to the IRS. If I do not include some type of response on my tax return, might the IRS do their own calculation and hold me accountable for the gains?
In other words, even if the gains are excluded and I don't do schedule D, is there some way of reporting the 1099-A information and that the gain is exempt? If so where and how?
My concern is that the creditor sent the 1099-A information to the IRS. If I do not include some type of response on my tax return, might the IRS do their own calculation and hold me accountable for the gains?
In other words, even if the gains are excluded and I don't do schedule D, is there some way of reporting the 1099-A information and that the gain is exempt? If so where and how?