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I received a 1099A, I have been a co mortgager on a property

Customer Question
that my son a daughter...
I received a 1099A, I have been a co mortgager on a property that my son a daughter inlaw live in, evidently they are in foreclosure and the property was auctioned. I think they need to be out by next month. I have never received any documents or info on this property they always been the primary and took whatever deductions. Now all of sudden i have been desinated the primary and received the 109A. Is this legal?
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: I am retired and rec SS and a pension
Submitted: 9 months ago.Category: Tax
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Answered in 15 minutes by:
1/30/2017
Tax Professional: Lev, Tax Advisor replied 9 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,137
Experience: Taxes, Immigration, Labor Relations
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The main issue - if you are the owner of the property and if your name listed on the title?
I assume that is the issue.

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Tax Professional: Lev, Tax Advisor replied 9 months ago

You may want to contact your local authorities and verify whether you are listed the owner on the tax record - and if yes - that would be correct to issue 1099A in your name.
Another issue we need to verify - the price paid when the property was purchased AND the value listed on 1099A.
Most likely - your tax liability would not be affected.

Let me know if you need further help with determination. I will help you with this issue.

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Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,137
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Experience: Taxes, Immigration, Labor Relations

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