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    malulani's Avatar
    malulani Posts: 1, Reputation: 1
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    #1

    Feb 1, 2010, 08:53 AM
    Do we have to file a 1099a
    My name is Debbie Stewart and we lost our home last year and have received a 1099A from the bank. I spoke with someone from Turbo Tax and they said as long as I don't receive a 1099C I don't have to do anything with the 1099A form. The home was our personal home not an investment property. I told her that we had refinanced and she said it didn't matter. I was told that there was a new thing passed last year just for this problem. Is this correct? My email address is [email protected]. Thank you.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Feb 1, 2010, 10:05 AM

    The advice from the person at TurboTax is correct - if all you received in the mail is a 1099-A, and NOT a 1099-C, then you do not need to do anything with it for your tax return. The 1099-A is for information purposes only. As for the second part of your post - for 2009 if you did receive a 1099-C you could avoid taxes that would normally be due on the "loan forgiveness" (meaning the difference between the loan principal outstanding and the fair market value of the home - if your home was "under water" then the bank has forgiven a portion of the loan principal, which is counted as income to you)- but since you didn't receive a 1099-C this doesn't apply to you.
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