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I just received a 1099-a from a foreclosure. the 1099a is…

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I just received a...

I just received a 1099-a from a foreclosure. the 1099a is dated Feb 8 2017. The FMV is listed as 192000 and the amt owed is 266000. I have not received a 1099-c. How do I handle this on my taxes?

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

Not that I can think of

Submitted: 1 month ago.Category: Finance
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Answered in 3 minutes by:
3/25/2018
Financial Professional: Gerald, Esq, Attorney replied 1 month ago
Gerald, Esq
Gerald, Esq, Attorney
Category: Finance
Satisfied Customers: 5,115
Experience: Over 30 years of experience.
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Hello,
Thank you for using Just Answer. Please bear with me while I review your question. I will respond fully shortly. Thank you for your patience.

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Financial Professional: Gerald, Esq, Attorney replied 1 month ago

I am working on your answer now. I am sorry for the delay. It takes some time to prepare a complete answer. Please note the phone call requests are generated automatically from the system. I do not control them.

Thank you for your patience and understanding.

Kind regards,

Gerald

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Financial Professional: Gerald, Esq, Attorney replied 1 month ago

Hello,

Thank you for your patience and thank you for using Just Answer. I want to provide you the best service I can. Please feel free to ask any follow-up questions you have.

I am an attorney with 30 years of experience; I hope to provide you information that will help you in resolving your question.

When the property is foreclosed upon or whern you abandon the property back to the lender the IRS treats this as a sale of the property.

You are obligated to complete form 8949 to determine a capital gain or loss, and report that on your 1040 Schedule D.

Caluculate the gain or loss by comparing your purchase price with the amount that you gave the property up for.

See: https://www.irs.gov/pub/irs-pdf/f8949.pdf

The 1099A reports the principal owed and the fair market value (FMV).

You can learn more here:

https://www.irs.gov/taxtopics/tc432

The 1099C comes into play much later once the lender ceases to try to collect on any shortfall on the debt.

I hope the information I provide is useful to you. I want you to be comfortable and satisfied with my attempt to assist you. Please, if you have ANY follow-up questions, feel free to ask.

If you ask a follow-up question and I do not respond immediately, it is because I am temporarily unavailable. I promise to respond as soon as I return. Please note that I am often unavailable Friday evening through Sunday.

Please do not forget to give me a positive rating. It adds nothing to your costs but helps me greatly. Thank you.

If you are dissatisfied with my response, PLEASE let me know before giving me a negative review so that I may try to be of better assistance. Or, if you prefer, let me know and I can “Opt Out” and your question can be re-posted without additional cost to you. I will be fair to you, and only ask the same from you.

Good luck.

Please note: Information is educational and not given as legal advice. Only your local attorney can give legal advice. I can't establish or accept an attorney-client relationship with you. All posts are available for public viewing.

Kind regards,

Gerald

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