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Stephanie B.
Stephanie B., Enrolled Agent
Category: Tax
Satisfied Customers: 555
Experience:  MTax, EA, QuickBooks Proadvisor. Over 10 years accounting and tax experience specializing in individual and small business.
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how to get 1099C on foreclosure....Chase sent us a 1099A only...We

Resolved Question:

how to get 1099C on foreclosure....Chase sent us a 1099A only...We lost jobs and that is why we had to foreclose.

What should I do to make sure that we qualify for the Mortgage Forgiveness Relief>
Submitted: 1 year ago.
Category: Tax
Expert:  Stephanie B. replied 1 year ago.

Stephanie B. :

Thank you for your question.

You will not receive a 1099-C until the debt has been cancelled by the lender. Even though a foreclosure has occured, they could still try to collect the outstanding debt.

Another reason you may not receive a 1099-C is one may not be requried. When you look at the 1099-A, is the FMV of the property more than the debt cancelled?


Stephanie B. :

Which box is marked, recourse or nonrecourse?

Customer:

"It states on the 1099A that" if the FMV is less than the amount of outstanding balance you may have cancellation of debt.

Customer:

That is the case.

Customer:

I do not see a recourse or non recourse box on 1099 A

Customer:

Can I go ahead and file income tax without 1099C?

Customer:

How can they try to collect if we lost jobs on 2012 and barely are making now and living with our children?

Stephanie B. :

They could leave the debt open until you are making more money and try to collect it from you then.

Until the debt is cancelled, I don't report the cancellation of debt.

For 2012 and 2013, there is an exclusion from income allowed for forgiven home mortgage debt so you will not pay tax on the cancellation of debt if it is cancelled in 2012 or 2013. This is reported on Form 982.

Stephanie B. :

If you go ahead and file your 2012 returns and later get the 1099-C for 2012, you can amend and file Form 982 at that time.

Customer:

Thank you so much......

Stephanie B. :

You are very weloome!

I look forward to working with you in the future.

Stephanie

Stephanie B., Enrolled Agent
Category: Tax
Satisfied Customers: 555
Experience: MTax, EA, QuickBooks Proadvisor. Over 10 years accounting and tax experience specializing in individual and small business.
Stephanie B. and other Tax Specialists are ready to help you
Expert:  Stephanie B. replied 1 year ago.
Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information.

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Customer: replied 1 year ago.

Excellent response. Appreciate the timeliness as well.Cool

Expert:  Stephanie B. replied 1 year ago.

I am glad I could help.

I look forward to assisting you in the future!

Stephanie

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