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We need to file a 2018 return. We lost our home to a
we need to file a 2018 return. We lost our home to a foreclosure. we received a 1099A what does this mean do we owe taxes on the value of the house … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
5,515 satisfied customers
With a deed in lieu sale, can the actual sales price of the
With a deed in lieu sale, can the actual sales price of the property be used, instead of the Fair market value of the property listed on the 1099-A, on IRS form 4797? … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
19,711 satisfied customers
I am a Real Estate Professional and on 01/10/2017 the city
I am a Real Estate Professional and on 01/10/2017 the city took one of my rental properties. Now that I am filing my taxes, how do I report this on the 1040. Also what happens to the depreciable asset… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
5,515 satisfied customers
A client of mine has brought 2 form 1099a from where they
a client of mine has brought 2 form 1099a from where they opted out of a timeshare. it is listing a balance of principal outstanding and a fair market value of property. how do I handle these on form … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
21,808 satisfied customers
I have 2 questions, I have a 1099a from a foreclosure on a
I have a 1099a from a foreclosure on a rental house the fair market value is only stated at 1250. as the county states its value at 31500.It says I owed 69500. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
21,808 satisfied customers
I received a 1099-A. Box 2: 119,250.00 and Box 4: 100.00. What
I received a 1099-A. Box 2: 119,250.00 and Box 4: 100.00. What do I do with this for tax purpose.… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
5,515 satisfied customers
I need to know more about how to use the 4797 in a foreclosure
I need to know more about how to use the 4797 in a foreclosure in bankruptcy for an upside down property. Do I make the initial listing under section 1 or 3? I did not get a 1099 for the associated HE… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
36,788 satisfied customers
I had an investment condo, which had a 1st mtg and a line of
I had an investment condo, which had a 1st mtg and a line of credit, foreclosed in 2010. The bank gave me a 1099A which I understand is NOT forgiveness of debt but a report of acquisition. Can i deduc… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
36,788 satisfied customers
I have a 1099C for a rental property. The cancelled debt was
I have a 1099C for a rental property. The cancelled debt was $158,558 and the fair market value is $269,450. The property has been sold for $290,000. I also have a 1099A for a rental property with a p… read more
winktax
winktax
Enrolled Agent
Master's Degree
425 satisfied customers
I received a 1099-A for a foreclosed home that was used as
I received a 1099-A for a foreclosed home that was used as a rental property in Arizona. Box 2 listed $239,000 as the balance and box 4 listed $255,000 as FMV. The actual sale price at auction was $11… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
21,808 satisfied customers
I had a rental property that was foreclosed on in 2010. On
I had a rental property that was foreclosed on in 2010. On what form(s) do I report the 1099 A and 1099 C I received from the mortgage companies?… read more
RD
RD
Self Employed
Master's Degree
1,129 satisfied customers
I had a rental and lost it in a forclosure. I received a 1099A
I had a rental and lost it in a forclosure. I received a 1099A (abandonment of property). The balance of principal outstanding was $235,000 and the fair market value according to this form was $247.00… read more
Anne
Anne
Master Tax Preparer
2,601 satisfied customers
What do you do with a 1099A that is on a residential rental
What do you do with a 1099A that is on a residential rental property? (recourse loan) I am trying to figure out if I need to fill out a particular form and what forms would they be. This property has … read more
RD
RD
Self Employed
Master's Degree
1,129 satisfied customers
How do I calculate gain or loss on a foreclosed property I
How do I calculate gain or loss on a foreclosed property? I received a 1099A from the bank with an amount for the debt and alsoan amount for FMV,What is the FMV # XXXXX for?… read more
RD
RD
Self Employed
Master's Degree
1,129 satisfied customers
I got a 1099A for investment property. Value in box 2 is larger
I got a 1099A for investment property. Value in box 2 is larger than box 4. Where on form 1040 do I report the difference as a loss? I will also file Insolvency Form 982. Thank you.… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
21,808 satisfied customers
I RECEIVED A 1099A AS A RESULT OF A FORCLOSURE ON A RENTAL
I RECEIVED A 1099A AS A RESULT OF A FORCLOSURE ON A RENTAL PROPERTY. THE AMOUNT IN BOX 2 IS LESS THAN THE AMOUNT IN BOX 4, AND BOX 5 IS YES. HOW DO I REFLECT THIS ON MY TAX RETURN?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
21,808 satisfied customers
I just received a 1099-A after a foreclosure on a rental home
I just received a 1099-A after a foreclosure on a rental home I owned in Florida. The amount in Box 2 (principal oustanding) shows $126,470.88. The Fair Market Value provided by the lender in Box 4 is… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
21,808 satisfied customers
we disposed of our c-corp. 12/31/2007. the assets were ...
we disposed of our c-corp. 12/31/2007. the assets were divided between the two shareholders. do you determine the fair market value based on cost less deprec. to date. or because no money changed hand… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
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