Finance Questions? Ask a Financial Expert for Answers ASAP
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
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?
Hello again, no you will not need to file the 1099A form with your return. Tom