Ask Experts Questions for FREE Help !
Ask
    Ruben321's Avatar
    Ruben321 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Jan 31, 2010, 10:13 AM
    What to do with 1099A I received tru abandonment of the property
    I received 1099A, the reason was abandonment of the property and the FMV is much lesser than the Original loan.Am I going to be tax on the difference which is about 250K.
    Ruben321's Avatar
    Ruben321 Posts: 2, Reputation: 1
    New Member
    		  
    #2

    Jan 31, 2010, 10:20 AM

    I received 1099, the reason was abandonment of the property and the FMV is much lesser than the Original loan, Am I going to be tax on the difference which is about 250K?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Feb 25, 2010, 02:27 PM
    Ruben:

    First, to be taxed, you must received Form 1099-C to display the inputed income. If you do NOT get the Form 1099-C, make sure one was not submitted to the IRS without you getting a copy. If no Form 1099-C is forthcoming, you have nothing to worry about.

    Second, if you get the Form 1099-C, you can get the tax on this income waived by filing Form 982 (Reduction of Tax Attributes Due to Discharge of Indebtedness).

    Finally, do NOT try to do this yourself. Get competent professional tax help.
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!

Willing inherited property I haven't received yet [ 2 Answers ]

My father died in 2005 and made a will out stating property that he haves and any property that he has conjointly. But his mother is still living and she has her will made out with him receiving property. The one that he will made out to will they come in on his mother will.

Abandonment of Property? [ 6 Answers ]

Hello, I live in Ohio, and I haven't been able to find much on a law and I was wondering if it even existed. I'll give you a brief run-down of my situation. I dated a girl for roughly two years, and within those two years she had cheated on me twice, and ends up leaving me for one of the...

1099A Not Received [ 4 Answers ]

The bank accepted a Deed in Lieu of Foreclosure on my house. The FMV was $240,000. And the mortgage balance was $180,000. Is the bank required to send a 100A under these circumstances? I have received nothing from the bank in term of forms.

Abandonment of rental property [ 1 Answers ]

I rent out a mobile home. My tenant is two weeks past due. I have tried contacting her and left messages for her. I have gone by the rental property and she is not there. The neighbors say that she has not been there for about tree weeks. I went by her place of employment and she quit her job...

View more questions Search