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-   -   1099-A What to do (https://www.askmehelpdesk.com/showthread.php?t=634726)

  • Feb 9, 2012, 06:44 PM
    Mike36
    1099-A What to do
    I'm Not sure what to do with 1099-a I got. Do we wait for a 1099-C
    And if so should we not have received it by now
    We lost our home to foreclosure in Oct, home
    Was sold at auction
    The form reads

    Box 2 180,032
    Box 3 Blank
    Box 4 99,000
    Box 5 no check mark



    Thank for the help in advance
  • Feb 9, 2012, 06:48 PM
    Mike36
    Sorry forgot to add the foreclosure was in California
  • Feb 9, 2012, 07:38 PM
    MukatA
    Box 5 is not checked. It means you are not personally responsible to pay the loan.
    Non-Recourse Loan. A non-recourse loan is a loan for which the lender’s only remedy in case of default is to repossess the property being financed or used as collateral. The lender cannot pursue you personally in case of default.
    So in your case debt canceled in not income. Your U.S. Tax Return: Foreclosure or Repossession of Main Home

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