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I received 3 1099-C properties that were foreclosed in
I received 3 1099-C for 2 properties that were foreclosed in 2009. These 1099-C are from home equity line of credits 2 of the 1099-C is from my 1st primary residence they are 2nd and 3rd positions - t… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,971 satisfied customers
I received a 1099 A in the tax year 2011 for "Acquisition or
I received a 1099 A in the tax year 2011 for "Acquisition or Abandonment of secured property" on a home equity line of credit that was tied to my home that was foreclosed on in 2011. Now this week I h… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,971 satisfied customers
As part of our year-end tax forms for 2013, we received a 1099-C
As part of our year-end tax forms for 2013, we received a 1099-C (Cancellation of Debt) from SETERUS, INC., a collections entity that took over our original home loan from Chase Morgan. The date of th… read more
Barbara
Barbara
Enrolled Agent, Paralegal
15,018 satisfied customers
Received a 1099 C for credit card debt cancellation due to
Received a 1099 C for credit card debt cancellation due to bankruptcy discharge for 2012. We are also currently in the process of foreclosure. We need to know if we have to claim the discharged debt a… read more
Wallstreet Esq.
Wallstreet Esq.
Tax Attorney
Doctoral Degree
586 satisfied customers
If a property in California had two loans on it (the second
If a property in California had two loans on it (the second is a non-purchase money HELOC) can the second issue a 1099C for the amount between the loan (+ applicable fees) and what the property is eve… read more
BK-CPA
BK-CPA
Bachelor's Degree
972 satisfied customers
This is a Virginia and federal tax question. I live in Virginia. My
This is a Virginia and federal tax question. I live in Virginia. My wife's declared Chapter 7 Bankruptcy and was discharged in December of last year , 2011. She cited only two debts namely her first a… read more
Jax Tax
Jax Tax
Senior Tax Attorney
Master's Degree
924 satisfied customers
We filed for personal bankruptcy (chapter 7) in 2011 and did
We filed for personal bankruptcy (chapter 7) in 2011 and did not reaffirm our home. July 27, 2011 we were granted a Discharge of Debtor under section 727 of Title 11. After that Wells Fargo sued us fo… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
4,670 satisfied customers
We had a second, rental house foreclosed in July of 2010.
We had a second, rental house foreclosed in July of 2010. We still live in our primary residence. In May of 2011, we filed for Chapter 7, which was discharged in August of 2011. Our question is, when … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,971 satisfied customers
As with many home owners my wife and I own a property in King
As with many home owners my wife and I own a property in King County,WA that is underwater by $100,000. If we decide to get out from under this in the next two years, an option is to foreclose, althou… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,971 satisfied customers
I am a Washington State resident. I got married May 15 2010.
I am a Washington State resident. I got married May 15 2010. On October 29, 2010 my spouse's former residence was foreclosed. She received a form 1099A showing outstanding principal balance $300k and … read more
Wallstreet Esq.
Wallstreet Esq.
Tax Attorney
Doctoral Degree
586 satisfied customers
I am in the middle of a short sale and want to know if the
I am in the middle of a short sale and want to know if the mortgage debt relief act applies in the case for debt forgiveness. I also wanted to know generally what the fed and CA state tax implications… read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
968 satisfied customers
my home in california foreclosed last year. i had a primary
my home in california foreclosed last year. i had a primary mortgage of $325,684 for which i received a 1099-A (Acquisition or Abandonment of Secured Property). i also received a 1099-C (Cancellation … read more
RD
RD
Self Employed
Master's Degree
5,572 satisfied customers
Hi. This is re form 982. I have 1099c for 16,120 cx mortgage
Hi. This is re: form 982. I have 1099c for 16,120 cx mortgage debt. Was a primary 2 out of 5 years, but rented 9 months, then renters abandoned. House was repossessed 08/08. The mortgage was an 80/20 … read more
Chad Oberg
Chad Oberg
Director
Bachelor's Degree
126 satisfied customers
im from california and bought a home in 2006. A year after
i'm from california and bought a home in 2006. A year after we bought the home the mortgage payment went up alot and we weren't able to make the payments. In the meantime we rented the home out and mo… read more
RD
RD
Self Employed
Master's Degree
5,572 satisfied customers
I am in a state of panic! We foreclosed on our home in Feb.
I am in a state of panic! We foreclosed on our home in Feb. of 2009. We received the 1099-A form. In box 2 the balance is $171,770.42, in box 4 the amount is $183,216.27. Box 5 is marked "yes". Do we … read more
RD
RD
Self Employed
Master's Degree
5,572 satisfied customers
Reside in California (southern inland empire). Upside down
Reside in California (southern inland empire). Upside down with 3 loans on my primary residence. 1st,2nd to acquired to purchase property. 3rd acquired solely for home improvement. 1st and 2nd was ref… read more
bizmatters
bizmatters
J.D.
666 satisfied customers
My husband and I had a home that was foreclosed on. We received
My husband and I had a home that was foreclosed on. We received a 1099a form, but have not got any other information about our home. Will we need to pay the difference that was shown on the 1099?… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
my house foreclosed 5 years ago. I was homeless until I married
my house foreclosed 5 years ago. I was homeless until I married 2 years ago. The irs took our 19,500$ refund against it and I called them and they said it was for $81,000 debt forgiveness. They say I … read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
968 satisfied customers
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