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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
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Experience:  10 years experience
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I received a 1099-a foreclosure from my mortgage company on a house that was purchased as

Customer Question

I received a 1099-a foreclosure from my mortgage company on a house that was purchased as my primary residence in 2004. I lived in the house till May 2012, moved, and rented the house until July 2014. House officially foreclosed in March 2015. Do I need to report this statement?
Owed 102K, market value 115K.
Submitted: 9 months ago.
Category: Tax
Expert:  Angie replied 9 months ago.
You do need to report it. Because you rented the home, it is nowconsidered business property.
Customer: replied 9 months ago.
How do I report this? Turbo Tax has nothing for reporting 1099-A's, just 1099-C's
Expert:  Angie replied 9 months ago.
You report it as a "sale" of the rental property. The 1099-a doesn't mean that the debt was cancelled but means you no longer have ownership. You use the numbers on the 1099-A to "dispose" of the rental property. I do not use TurboTax so I can't give you advice on how to navigate it, but if you find the 4797 that is used for reporting the sale of business property.

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