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New Member
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Feb 8, 2008, 10:25 PM
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Taxes 1099A
We have received a 1099a from the foreclosure of our home and we cannot determine how to figure the loss or gain can anyone help?
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New Member
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Feb 8, 2008, 11:03 PM
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I am having the same problem and posted the same question lastnight without any answers!! I feel your pain... is anyone out there?? :confused:
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New Member
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Feb 9, 2008, 01:48 PM
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I am hoping to find help out there somewhree?? For all of us
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Expert
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Feb 9, 2008, 02:18 PM
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First unless the house sold for more than was owed ( which is almost never does) there is a loss for the mortgage company, since they will lose money from what is owed. That is what is shown on your 1099, it shows how much money the mortgage company lost and had to write off.
In years past you would have owed tax on this, since this loss for the mortgage company would be considered income to you. ( money you don't have to pay back) recent changes have changed the rules on this.
You really need to have a tax professoiinal help you with your taxes.
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New Member
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Feb 9, 2008, 03:45 PM
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I was doing some research and found a sort of helpful site until I found out that the laws changed and now am more confused. And we have decided to contact a tax consultant that we went to last year and see what he says. But will still take any helpful advice on the situation
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Tax Expert
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Feb 9, 2008, 04:56 PM
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New Member
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Feb 10, 2008, 12:08 AM
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MukatA... thank you for the particular site, I think I had looked at the IRS site some much I was proabably looking right over that! Thanks again!
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Senior Tax Expert
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Feb 20, 2008, 10:29 AM
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You can avoid paying taxes on the income reported on Form 1099A and 1099-C if you file Form 982 with your tax return.
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