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jttaxpayer · Feb 5, 2010, 04:39 PM

I received 2 1099 A forms from my mortgage company on 2 investment properties that they foreclosed on . I filed bankruptcy and received my discharge do I need to list these or just hold on to them

ebaines · Feb 5, 2010, 06:51 PM

There is no tax consequence for you - the 1099-A's are for information purposes only.

shawnshawn · Apr 15, 2010, 08:26 AM

Originally Posted by ebaines

There is no tax consequence for you - the 1099-A's are for information purposes only.

ebaines, I have seen your responses on some similar topics and you suggessted that should be filed if there are any capital gains! (based on the lower of FMV and Balance, and cost basis)

I have almost the same situation; 2 rental properties, discharged in CH7, and I got 2 1099a. In both of them FMV is greater than Principle Balance and Box 5 is marked NO. I understand that all discharged debt are not taxable income, but how about capital gain (and showing the sale of the house)?