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    lordsbaby2007's Avatar
    lordsbaby2007 Posts: 1, Reputation: 1
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    #1

    Mar 16, 2010, 05:48 PM
    What do I do with form 1099-a
    Our house got foreclosed on 10/29/2009 and I guess it was purchased by FHLMC and we got two forms one is a 1098 / and the other is a form 1099-A now what in the world and where in the world do I enter this information. Nothing is clear anymore no one gives the right information and not even the IRS. HELP PLEASE!
    Martegirl's Avatar
    Martegirl Posts: 3, Reputation: 1
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    #2

    Mar 16, 2010, 06:32 PM

    You might try taxactonline.com - they only charge around $15 for the completed tax forms, and ONLY charge when you're done, and satisfied. You can log in and out, and save your work - do it at your own time. Best of all - they ask/answer questions like yours! It helped me file w/small business, kids in college & loans like crazy...
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #3

    Mar 17, 2010, 07:06 AM

    The 1099-A is for your information only - there is nothing from this form to be reported on your taxes. It shows the amount of loan that was forgiven, and the fair market value of the property. In effect you sold the house to the lender for the value of the outstanding principal.

    As for the 1098 it shows how much mortgage interest and/or real estate taxes that you can deduct on Schedule A.
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