Ask Experts Questions for FREE Help !
Ask
    Mike36's Avatar
    Mike36 Posts: 4, Reputation: 1
    New Member
    		  
    #1

    Feb 9, 2012, 06:44 PM
    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
    Mike36's Avatar
    Mike36 Posts: 4, Reputation: 1
    New Member
    		  
    #2

    Feb 9, 2012, 06:48 PM
    Sorry forgot to add the foreclosure was in California
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #3

    Feb 9, 2012, 07:38 PM
    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
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

I am in sales and get a 1099. Can I give another person a 1099 for getting leads? [ 1 Answers ]

I sell software and the software company gives me a 1099. Can I get other salespeople to sell the software, pay them a portion of what I get paid, and give them a 1099? I am not a business.

What is the IRS fine ($) for not 1099 getting a 1099 from a contractor? [ 3 Answers ]

I know a 1099 is needed for anyone paid over $600, but what if, for argument sake, one cannot 1099 the contractor because they refuse or don't have a SS#, etc. What are the penalties for this beside not being able to expense the transaction? What does the IRS do?

What if I did not receive a 1099, hubby lost job and cashed 401, but no 1099 received [ 2 Answers ]

Husband lost job, received 401 money,they held out taxes ,but we have not received a 1099,I already e filed our taxes

1099 income with no 1099 form [ 1 Answers ]

How do I file my taxes with out a 1099 form? How can I get one? Thank you

1099-G and 1099-INT, filing as a non-resident [ 1 Answers ]

Hi, I am a citizen of India and filing my taxes as a non-resident for 2006. 1.> I received 1099-G of my 2005 state tax refund. In my 2005 federal tax return I had used the standard deduction on line 11 of 1040NR-EZ i.e "Itemized deductions" line since it is entitled to students from India. Is...

View more questions Search