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I received a form 1099-A, abandonment or aquisition of property. The date in box 1 is 04/29/08. The amount in box 2 is $13,235.20. The amount in box 4 is $48,500.00. What does all this mean? Will I likely owe money to the IRS?

Submitted: 291 days and 15 hours ago.

Category: Tax

Value: $30

Status: AWAITING CUSTOMER ACTION

Posted by Dave 291 days and 14 hours ago.

Info Request

Good afternoon XXXXXXX and welcome to Just Answer!

Was this property your main residence and was it foreclosed upon?

291 days and 14 hours ago.

Reply

Yes, it was our main residence. We have recieved no correspondence to indicate that our home has been foreclosed upon.

Posted by Dave 291 days and 14 hours ago.

Info Request

Have you sold this property? Did you sell via short-sale? Do you still live here?Any information you can provide me in regards to your situation will assist me in answering your question better.

Edited by Dave on 2/5/2009 at 7:20 PM

291 days and 14 hours ago.

Reply

No, we have not sold the property and yes, we still live here. We have gotten behind on our mortgage payments, but our lender has not sent us anything saying the house has been foreclosed on.

Posted by Dave 291 days and 14 hours ago.

Info Request

Do you own any other properties which this could pertain to?

291 days and 14 hours ago.

Reply

No.

Answer

A 1099a or 1099c for abandonment or aquisition of property is generally used in reference to a home which was foreclosed upon. This can also refer to some other type of secured property which you owned and was either repossed or voluntarily given back. Some examples might be an automobile, an RV, office equipment or some other type of secured debt. If you abandon property which secures a loan the lender should send you Form 1099-A showing information you need to figure your loss from the abandonment. If you are unsure of what secured property this 1099a you have received is in reference to you will need to contact the lender who issued the tax document and see if they have issued it to you in error.

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Expert:	Dave
Pos. Feedback:	98.3 %
Answered:	2/5/2009

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Question

I received a form 1099-A, abandonment or aquisition of property. The date in box 1 is 04/29/08. The amount in box 2 is $13,235.20. The amount in box 4 is $48,500.00. What does all this mean? Will I likely owe money to the IRS?

Info Request

Good afternoon XXXXXXX and welcome to Just Answer!Was this property your main residence and was it foreclosed upon?

Reply

Yes, it was our main residence. We have recieved no correspondence to indicate that our home has been foreclosed upon.

Info Request

Have you sold this property? Did you sell via short-sale? Do you still live here?Any information you can provide me in regards to your situation will assist me in answering your question better.Edited by Dave on 2/5/2009 at 7:20 PM

Reply

No, we have not sold the property and yes, we still live here. We have gotten behind on our mortgage payments, but our lender has not sent us anything saying the house has been foreclosed on.

Info Request

Do you own any other properties which this could pertain to?

Reply

No.

Answer

Related Tax Questions

Good afternoon XXXXXXX and welcome to Just Answer!

Was this property your main residence and was it foreclosed upon?

Have you sold this property? Did you sell via short-sale? Do you still live here?Any information you can provide me in regards to your situation will assist me in answering your question better.

Edited by Dave on 2/5/2009 at 7:20 PM