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rakhi.v
rakhi.v, Tax Attorney
Category: Tax
Satisfied Customers: 4542
Experience:  Have graduated in Law with specialization & emphasis in Financial Laws and has working experience of over a decade.
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I have a 1099a from a reposseion. My other income is pension

Customer Question

I have a 1099a from a reposseion. My other income is pension and ssdi. How do I file?
Submitted: 1 year ago.
Category: Tax
Expert:  rakhi.v replied 1 year ago.

Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

This will get reported on SCHEDULE D.

First, if the foreclosed property was your personal residence, the foreclosure will be reported on Schedule D. You'll use the date of the foreclosure (found in box 1 of the 1099-A) as your date of sale. You'll need to indicate the selling price. This will be either the amount in box 2 or the amount in box 4. Which figure you'll use depends on the lending laws in the state where the property was located. You'll also need to indicate your purchase price or cost basis in the property. That information you should have in your records, usually from the HUD-1 closing statement from when you purchased the property. The difference between the selling price and your cost basis will result in your gain or loss. Gains are taxable, losses personal residences are not tax-deductible.

HOWEVER, If the property was a rental, you'll report the same information as above, but you'll use Form 4797.

I am sure this would help.

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Warm Regards,