Ask Experts Questions for FREE Help !
Ask
    PrincessLindy's Avatar
    PrincessLindy Posts: 6, Reputation: 2
    New Member
     
    #1

    Feb 8, 2008, 10:25 PM
    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?
    vtram7's Avatar
    vtram7 Posts: 27, Reputation: 3
    New Member
     
    #2

    Feb 8, 2008, 11:03 PM
    I am having the same problem and posted the same question lastnight without any answers!! I feel your pain... is anyone out there?? :confused:
    PrincessLindy's Avatar
    PrincessLindy Posts: 6, Reputation: 2
    New Member
     
    #3

    Feb 9, 2008, 01:48 PM
    I am hoping to find help out there somewhree?? For all of us
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
     
    #4

    Feb 9, 2008, 02:18 PM
    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.
    PrincessLindy's Avatar
    PrincessLindy Posts: 6, Reputation: 2
    New Member
     
    #5

    Feb 9, 2008, 03:45 PM
    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
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
     
    #6

    Feb 9, 2008, 04:56 PM
    Questions and Answers on Home Foreclosure and Debt Cancellation
    vtram7's Avatar
    vtram7 Posts: 27, Reputation: 3
    New Member
     
    #7

    Feb 10, 2008, 12:08 AM
    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!
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #8

    Feb 20, 2008, 10:29 AM
    You can avoid paying taxes on the income reported on Form 1099A and 1099-C if you file Form 982 with your tax return.

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!

1099A Form [ 19 Answers ]

Does anyone know what to do with the 1099A form when filing taxes. My home Foreclosed in 2007 (don't know exactly when) and I just received a 1099A Form from the Mortgage Co. and I haven't received another one yet for the 2nd loan/mortgage I had on the home. The first loan/mortgage was for...

Will I get a 1099A, 1099C or neither? [ 1 Answers ]

In 2007, I voluntarily surrendered a mobile home back to my lender. They sold the mobile home and have sent me a letter stating the amount that I am still liable for. So far all I have received is a 1098 for the interest paid on the account in 2007. My question is should I be expecting one of...

Early Withdraw - 401K Taxes Paid vs. Taxes Owe [ 7 Answers ]

Last year I took a early withdraw from my 401k last year after leaving my job. I had 30% withheld for Fed. Taxes. I am getting ready to have my taxes prepared. I have several questions. 1. Was 30% enough? Does 10% penalty still apply? 2. I live in the state of IL. Will I owe state taxes? ...

Estate taxes and gift taxes [ 3 Answers ]

I am the sole heir and executor of my late step Dad's estate. I sold the house as is for 155,000.00 and there waere two accounts totaling 20,000.00 plus two CDs totaling $8,000.00. Do I pay taxes on this? The estate tax is in IL and I live in CO. Also, if I give my brother and sister each...

Filing for 2004 taxes and 2005 taxes [ 1 Answers ]

Hi I just received my W2 from my employer and there were 2 W2's. One W2 was for the wages of Dec 2004 (since the employer pays 1 month delayed salary) and the other one was for Jan - Nov 2005. I want to know if I can refile my 2004 taxes since I just got my Dec 2004's W2. If I add that...


View more questions Search