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I got a 1099 A of a rental property with information on Box
I got a 1099 A of a rental property with information on Box 2 and Box 4 how do I report it on my tax… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,500 satisfied customers
Form 1099-C (2016) Cancellation of Debt Box 7 Fair market
Form 1099-C (2016) Cancellation of Debt Box 7 Fair market value (FMV) of property shows zero. Why zero? The FMV is the most frequent figure on Form 1099-C. The amount in Box 2 is 111,xxx. Box 1 Date o… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,500 satisfied customers
This the situation. Rental property foreclosed - Court paper
This the situation. Rental property foreclosed - Court paper says - Loan 130,000 - Fair Market Value = 80,000 FMV bank submitted to the Court was 80000 at the time of foreclsoure. Bank sent 1099-A (ac… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
30,004 satisfied customers
Received a form 1099-A foreclosure that was not my principal
Received a form 1099-A for a foreclosure that was not my principal residence (helped somebody that I shouldn't have). The amount on line 2 of 1099-A Balance of Principal outstanding is $107,0056.12. T… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I owned a rental property originally acquired thru a 1031 exchange.
I owned a rental property originally acquired thru a 1031 exchange. The property was foreclosed upon by the lender and I received a 1099-A in November 2010. The 1099-A shows in box 2 a Loan amount of … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,500 satisfied customers
Received a form 1099-A for a forclosure on our property. Box
Received a form 1099-A for a forclosure on our property. Box 1 = september 11, 2011 Box 2 = $195,628.15 Box 3 = blank Box 4 = $202,768.82 Box 5 = yes Questions 1. Do I have to pay taxes on which amoun… read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,512 satisfied customers
I have received a Form 1099-A and I would appreciate some advice
I have received a Form 1099-A and I would appreciate some advice on this form. I will provide some background: 1- Chapter 7 bankruptcy (which included primary residence mortgage) discharged on April 2… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,500 satisfied customers
I have an individual who is not insolvent, but who owns a partnership
I have an individual who is not insolvent, but who owns a partnership (husband and wife) with a non-recourse loan that is insolvent. The partnership is an LLC. If the bank forecloses on the property t… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,500 satisfied customers
I had a rental property that was foreclosed. I recd a 1099-A
I had a rental property that was foreclosed. I rec'd a 1099-A (no 1099-C was received). Balance of principal outstanding $51K. Fair market value $61K. I was personally liable for repayment of the debt… read more
RD
RD
Self Employed
Master's Degree
5,572 satisfied customers
I just received a 1099-a acquisition or abandonment of secured
I just received a 1099-a acquisition or abandonment of secured property. what is this? they ar saying I am liable and the amount in section 2 346948.75 section 4 410000.00 what is this all about?… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,500 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
5,572 satisfied customers
I have a form 1099 2008 Form showing # 2 Balance of Principal
I have a form 1099 2008 Form showing # XXXXX Balance of Principal outstanding $ 845,522.56 # XXXXX 100.00 Fair market value I am told to fill out form 982 Reduction of Tax Attributes due to Discharge … read more
Chad Oberg
Chad Oberg
Director
Bachelor's Degree
126 satisfied customers
I had several investment properties with 2nd mortgages. Received
I had several investment properties with 2nd mortgages. Received 1099-A's, four for all of them with higher FMV's than loan amounts except one. I have entered them all as 'sales' for tax purposes and … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,500 satisfied customers
The house was foreclosed and the sales price was $529,000.
The house was foreclosed and the sales price was $529,000. Received 1099-A with $483,765 in Box 4 FMV (Fair Market Value). IRS instuction explains FMV for 1099-A is generally a gross bidding price in … read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
I want to use form 982, I have 22,000 in cancelled student
I want to use form 982, I have 22,000 in cancelled student loan debt, and about 12,000 more in general debt, with assets based on cost of 7000 and based on FMV of under 4500. I know I can put the full… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
I signed a deed in lieu. I see on my credit report ...
I signed a deed in lieu. I see on my credit report then entire amount of the construction loan but the actual amount of the loan when I signed the deed in lieu was only a fraction of the loan amount c… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
How do I file a debt that was not cancelled with the IRS?
Dear smcgowan, what did your CPA say? The 1099-A has a FMV or sale price on it in one of the blocks. If the FMV of the home is more than the remaining debt, then you do not report this as income, but … read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
I got a 1099-a form from my mortgage company. but the ...
I got a 1099-a form from my mortgage company. but the house sold for less then the amount shown on the FMV box.… read more
Dorothy M Jennell
Dorothy M Jennell
Enrolled Agent, Tax Preparer, Bookkeeper
Some College
16 satisfied customers
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