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I have a client whose rental property was foreclosed on. He
I have a client whose rental property was foreclosed on. He received a 1099A, box checked that he was personally liable. Called the bank and client was told there was a $0 balance and doesn't owe anyt… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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My home is about to be foreclosed on. If the home is sold at
My home is about to be foreclosed on. If the home is sold at auction and does not sell for what is owed will I be liable for balance … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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I haven't filed personal taxes since 2012 nor has my
I haven't filed personal taxes since 2012 nor has my husband. I do not have my w2s for all years. I want to get my taxes current and need to know how to get everything I need to do taxes. In 2012 my h… read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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Mortgage company has discharged a debt of $82,561.68 of a foreclosed
Mortgage company has discharged a debt of $82,561.68 of a foreclosed property 8 years ago. I have been sent a 1099c asking this to be filed with my taxes. will l owe any tax on this write off by the m… read more
Lev
Lev
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Bachelor's Degree Equivalent
30,494 satisfied customers
I owned a home in Michigan as an investment property. I live
I owned a home in Michigan as an investment property. I live in Florida. In September, 2013 the bank foreclosed on the loan and the property was eventually sold by the bank in November 2014 (although … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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My sister's house was foreclosed on and sold. She received
My sister's house was foreclosed on and sold. She received Irs form 1099 with the price of the house which was $189,000.00 and was sold for $120,000.00 there is a balance of $69,000.00. Is she respons… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
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My ex-wife and I sold our joint owned home in December of 2013
My ex-wife and I sold our joint owned home in December of 2013 in a short sale. We have both received a 1099S with the sale but, have not received a 1099C, yet? I have received from the lender and the… read more
Lev
Lev
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Bachelor's Degree Equivalent
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In 2011, our house was foreclosed on. We had a 2nd mortgage
In 2011, our house was foreclosed on. We had a 2nd mortgage on the house at the time, and at the time of foreclosure we were insolvant. In December 2013, we settled the 2nd mortgage by paying back 32%… read more
Lev
Lev
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Bachelor's Degree Equivalent
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Hello, since federal mortgage forgiveness act has not been
Hello, since federal mortgage forgiveness act has not been extended The situation in Portland, Oregon. Husband and wife purchase their primary residence in 2005, with 1st mortgage, after purchase took… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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I received a 1099-C from USAA for tax year 2012. My house is
I received a 1099-C from USAA for tax year 2012. My house is now in escrow and the title company instructed me to ask USAA to record a reconveyance and provide proof (a letter) stating the reconveyanc… read more
Robin D.
Robin D.
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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
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Master's Degree
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I owned rental property that had been fully depreciated. I
I owned rental property that had been fully depreciated. I took out a second mortgage on it and eventually defaulted on the loan. The property was forclosed and I received a 1099-A. The Market value o… read more
ShawnA
ShawnA
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i bought a second house in 2007, and tried to sell the first
i bought a second house in 2007, and tried to sell the first one but did not succeed. So i put it on rent, tried to work it out for 3 years but lot of financial burden forced me to file bankruptcy (ch… read more
CGCPA
CGCPA
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I received a form 1099-C cancellation of debt We purchased
I received a form 1099-C "cancellation of debt" We purchased a house in AZ 8 years ago an refinanced it 2 years ago. We originally purchased the house for $204,000 and refinanced it for $360,000. (We … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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I have a client whose house was foreclosed in 2009. He
I have a client whose house was foreclosed in 2009. He received a 1099C cancellation of debt. box 5 on that form says that it was nonrecourse loan. But 1099A box 5 says that borrower was personally li… read more
MM
MM
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Juris Doctor
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We lost our home to non-judicial foreclosure by the holder
We lost our home to "non-judicial foreclosure" by the holder of our first, yet smaller mortgage. The holder of the 2nd mortgage through a mutually agreed upon transaction, bought the property from the… read more
Dave
Dave
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I abandoned Stockton house in January 2008. The mortgage company
I abandoned Stockton house in January 2008. The mortgage company sent me financial information Pkgs to complete and i sent it back. This happened 3 times. But no response to my deed in lieu of foreclo… read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
968 satisfied customers
I received a form 1099-A, abandonment or aquisition of property.
I received a form 1099-A, abandonment or aquisition of property. The date in box 1 is 04/29/08. The amount in box 2 is $13,235.20. The amount in box 4 is $48,500.00. What does all this mean? Will I li… read more
Dave
Dave
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