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Taxtom
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Experience:  25 Years in preparing Personal and Business Tax Retuns
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I had a foreclosure of a house that went to foreclosure sale

Customer Question

I had a foreclosure of a house that went to foreclosure sale in February 2010. This was not my primary residence. I have called the mortgage company and they have issued me a 1099A only, NOT a 1099C. What is a 1099A? Does this mean I will owe taxes on the loan? What do I do with a 1099A?
Submitted: 3 years ago.
Category: Finance
Expert:  Taxtom replied 3 years ago.

Taxtom :

Hello, 1099A is an informational form and you can not file and pay taxes on the cancellation of debt until they issue a 1099c. You can ask the bank when they will have a 1099c but at this time you can't file it on your return. The bank may have not cancelled the debt at this time and may still be seeking to collect the debt. Thanks Tom

Customer :

I called the bank and they have not issued a 1099C and my home foreclosed 1 year ago. They have only issed the 1099A. So do I send the IRS a copy of the 1099A form with my return this year?

Taxtom :

Hello again, no you will not need to file the 1099A form with your return. Tom

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Taxtom
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25 Years in preparing Personal and Business Tax Retuns