I am helping my brother to do his tax return for 2004. Yes Late. How do I report form
1099-A

:confused:

Please help

Thanks

You do not report it. Form 1099-A is used to inform the person whose property was foreclosed what the FMV of the property was and what the balance of the loan was. It is possible that the FMV exceeded the loan balance, in which case there is NO taxable income due to loan forgiveness.

If your brother received a Form 1099-C that indicates that a loan balance was forgiven, then THAT amount needs to be entered on Line #21 of Form 1040 as "OTHER INCOME".

Otherwise, you can effectively ignore the Form 1099-A.