Ask Experts Questions for FREE Help !
Ask
    morenita's Avatar
    morenita Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 1, 2010, 06:22 PM
    I received a 1099 a form do I pay taxes for that?
    My house was foreclosed on may, 2009 and I received a 1099a do I pay taxes for this or just filing a 982 form its enough?(we lived in the house until they put it for sell on a auction)
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
    		  
    #2

    Feb 2, 2010, 09:30 AM

    The 1099-A form is for information only. If the fair market value (FMV) of the home is more than the loan principal amount, you do not need to report anything, as presumably the lender got your home and it was worth more than what you owed. If the FMV is less than the loan principal, the lender should send you a 1099-C to document the amount of loan forgiveness. In most cases lenders send either a 1099-A or a 1099-C, but not both, so I'm guessing that your FMV is more than the loan, in which case there are no tax consequences, and you do not need to file form 982.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Inheritance received from Mexico, pay taxes in US/ [ 2 Answers ]

My father passed. He left my a house in Mexico as inheritance, which I sold. It when from his name to the new owners name, I got the Money. The money is sitting in a bank in Mexico. When I transfer that money to the US I know that the banks have to report anything over 10,000 to the IRS. When I...

I received the form 1099 (Rev 9-07) with 2050 doollars total, What is this? [ 2 Answers ]

I receivd the form 1099 (Revc. 9-07) for the tax return 09. The total is $2,050.56 . I don't understand when I received this money, en why the IRS send me this form? May you explain me please. I appreciate. Tanhks.

I received 1099-c form in the mail [ 3 Answers ]

I had a car through a tote the note place and it was repoed. I had it for 10 months. Then the sent me a 1099-c form. I was adding my taxes to see how much I was getting when I d it without the 8k my taxes would have been 7k and when I add that 8k in as income it said I'm getting 1k. I didn't know...

Form 1099, will I pay in? [ 6 Answers ]

I made $7000 this year and sent a 1099 for it. Will I have to pay taxes on that, I have not saved a dime and am still broke. I heard that I had to at least make a certain amount before I had to pay in. I live in Iowa

Form 1099 received, but do I report on Form 1040 or just Form 2106? [ 1 Answers ]

Greetings. I'm hoping I can get some help on what to do with a 1099-MISC form I received from my employer that were for business expense reimbursements. I have read through some questions and answers already and based on them I'm going to file this as a Form 2106. The question is should I...

View more questions Search