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    JNCC's Avatar
    JNCC Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Apr 15, 2009, 01:07 PM
    1099-A Foreclosure of property: Rented out for the most part
    Bought house in 2005 and lived in it less than 2 years(1-1/2 approx.) then rented it out for 2 years until July 2008.
    Renters moved out and house was abandoned/foreclosed by the bank.
    Now I get a 1099-A with Box 2: $220,000.00; Box 4 $233,980.32.
    Do I owe anything on this? Do I wait until a 1099-C is issued to me, Do I file my return without any mention of form 1099-A?

    I have to file but am confused and don't know what to do? Should I just file form 4868 extension?

    Sorry so many questions but thought I'd throw them at once...
    Thanks in advance
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Apr 15, 2009, 05:36 PM

    In case of no-recourse loans, the debt cancellation is not treated as income. Read Your U.S. Tax Return: Foreclosure or Repossession of Main Home
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