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1099 c foreclosure
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My mother passed away four years ago and we couldn't sell her house. We could not make the payments on it any more so we sent it into foreclosure. Why do we have to file a 1099c? The home was still in my mothers name. She bought the house for $118,000 and the bank sold it for $40,000. What tax...
Foreclosure and 1099
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My wife and I lost a second home to foreclosure. Should we be expecting a 1099 for the balance that was still owed after the sale.
1099-A Foreclosure of property: Rented out for the most part
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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-A from Foreclosure in 2007 & BK in 2008
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I had a rental house that we lost through foreclousre this year, I received a 1099-A "Acuisition or Abandonment of secured property" stating balance of principal $164,664.30 with a fair market value of $0.00. We are filing Bankrupt in May '08 our BK Attorney states we won't have to pay the...
1099-A after a Foreclosure
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This past year I had a foreclosure on my primary residents. I have not claimed bankruptcy. I received a 1099-A from my bank, and they are telling me that I probably will not receive a 1099-C from this. The amount owed to lender is about 10k more than the fair market value. I know that there is a... View more questions Search
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