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    pattersjoben's Avatar
    pattersjoben Posts: 2, Reputation: 1
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    #1

    Jan 31, 2010, 02:56 PM
    When filing taxes what is the pupose of a 1099-A
    I received a 1099-A form from the lender of a home I filed bankruptcy on and the debt was discharged. What do I do with this form
    pattersjoben's Avatar
    pattersjoben Posts: 2, Reputation: 1
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    #2

    Jan 31, 2010, 02:58 PM

    I filed bankruptcy on a home in 2008 it was discharged. I received a 1099-A
    Form from the lender. Do I have to file this on my federal taxes??
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #3

    Feb 1, 2010, 08:02 AM

    The 1099-A is for information purposes only. It shows the fair market value of the home, and the amount of principal that was outstanding on your mortgage loan. If FMV > principal, then no worries. If FMV < principal, then the loan company should send you a 1099-C to document the amount of loan foregiveness. Generally, companies will send either a 1099-A or a 1099-C, but not both.
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