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    yagape's Avatar
    yagape Posts: 5, Reputation: 1
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    #1

    Mar 4, 2010, 10:13 AM
    what happens if i only get a 1099-A and not a 1099-C
    Hi,
    I purchase a home in California which I refinanced 2 years ago and I got a 1099-A with the outstanding balance being $0.00 Fair Market value $122,000.00 and YES on box 5. What does this mean with my taxes and future liability.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Mar 4, 2010, 10:29 AM

    Is this 1099-A from your current mortgage holder? Or is it from a previous mortgage company that used to have the mortgage before you refinanced 2 years ago? In any event, because the amount of outstanding principal is $0, there is no tax implication here for you - this 1099A is for information only. If there was any income you would have to report, they would have sent a 1099-C instead of a 1099-A.
    yagape's Avatar
    yagape Posts: 5, Reputation: 1
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    #3

    Mar 4, 2010, 10:44 AM

    Thank you. My other concern is the YES on box 5 (Personal Liability). Someone told me that this means the debt was not cancelled and I have to pay the difference. What do I do? Do I get an attorney or talk to the lender?
    I am so scared with all of this.
    Thank you so much for your quick reply.
    yagape's Avatar
    yagape Posts: 5, Reputation: 1
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    #4

    Mar 4, 2010, 10:44 AM

    Sorry, the 1099-A is from the current lender.
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