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    StacyW's Avatar
    StacyW Posts: 2, Reputation: 1
    New Member
     
    #1

    Feb 2, 2006, 10:25 AM
    1099-A Question
    When we filed bankruptcy in '99, we did not reaffirm on our mortgage loan, and was told we could keep our home as long as we still made our payments, but if we abandoned our home, we would not be liable for the remainder of the loan. We received a 1099-A and was wondering if we need to report this when we file our taxes, and if so, what amount and where do we report on our returns? Thank you
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,815, Reputation: 846
    Senior Tax Expert
     
    #2

    Feb 2, 2006, 10:35 PM
    Stacy:

    The Form 1099-A is just an information return to the IRS to inform them of abandonment of the home.

    No income is reported, and you do not include it on your tax return.
    StacyW's Avatar
    StacyW Posts: 2, Reputation: 1
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    #3

    Feb 3, 2006, 05:32 AM
    Thank you so much. That helps a lot. Big relief!!
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,815, Reputation: 846
    Senior Tax Expert
     
    #4

    Feb 3, 2006, 10:38 AM
    Glad to help!

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