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    chubbers's Avatar
    chubbers Posts: 1, Reputation: 1
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    #1

    Feb 2, 2010, 06:13 PM
    1099-a form
    I filed bankruptcy in 2008, received a 1099-a from mortgage with box 2 showing 87768,51 and box 4 showing 59000.00 what do I do.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Feb 3, 2010, 10:45 AM

    The 1099-A is for your information only - there is nothing to report on your taxes. The amount of your loan ($87K) exceeded the fair market value of the property ($59K), so approximately $28K of loan was forgiven by the bank. This would normally count as taxable income to you, but since you declared bankruptcy it is not taxable. That's why the bank sent you a 1099-A and not a 1099-C to document the loan forgiveness.
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