Ask Experts Questions for FREE Help !
Ask
    a110scoach's Avatar
    a110scoach Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Feb 18, 2010, 09:02 PM
    What do I do with a 1099-a
    I have had a 1099-A sent to me and do not know how that effects me as far as taxes. When I look at all the info of debt forgiveness it mentions 1099-c. HELP!!
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
    		  
    #2

    Feb 19, 2010, 07:43 AM

    The 1099-A is for your information only - no need to report anything on your taxes (unless the amount of principal on the loan was greater than your cost basis in the property, in which case you could have a capital gain issue). If you receive 1099-C, then that can have tax implications around ebt foregiveness. In general, lenders send out either a 1099-A or a 099-C, but usually not both. If the market value of the property exceeded the outstanding principal on the loan, then there is no debt foregiveness (since the bank got your house which was worth more than the loan). If the market value is less than the principal of the loan, then there is debt foregiveness, and they should send you a 1099-C.
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!

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?

Can 1099-A be used on Form 982 or MUST it be 1099-C [ 1 Answers ]

Please help! There are conflicting answers even within this forum. I have received a 1099-A for a home I foreclosed on in 2008. On my 1099-A Box 2: Principle Outstanding balance is less that Box 4: FMV. Here is what I would like clarity on please: 1. How do I handle or What form do I use...

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 & 1099-int [ 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...

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