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MD I Received a 1099a in 2011 for a rental property. The…

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MD I...

MD I Received a 1099a in 2011 for a rental property. The bank has never given me a 1099c. as yet. We are in dispute about a failed Deed in Lieu. Would they have to do a legal action to give me a 1009a. It was not abandoned.

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

I filed my taxes in 2011 on the 1099a and did the proper schedules. Is there a time limit on the 1099c.

Submitted: 4 months ago.Category: Tax
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12/17/2017
Tax Professional: Robin D., Senior Tax Advisor 4 replied 4 months ago
Robin D.
Robin D., Senior Tax Advisor 4
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Tax Professional: Robin D., Senior Tax Advisor 4 replied 4 months ago

No, a legal action would not be required to issue the 1099A. A deed in lieu (even if failed) could trigger the 1099A.

Regs. Sec. 1.6050P-1 provides Form 1099-C reporting guidance to lenders and specifies that reportable debt cancellation is triggered at the occurrence of an "identifiable event" indicating the debt may not be repaid. The identifiable event triggers a lender's obligation to issue Form 1099-C even though debt collection activity may later resume.

Regs. Sec. 1.6050P-1(b)(2)(ii) places additional stipulations on the application of the statute of limitation, stating that "an identifiable event occurs under ... this section only if, and at such time as, a debtor's affirmative statute of limitations defense is upheld in a final judgment or decision of a judicial proceeding, and the period for appealing the judgment or decision has expired."

If in your specific state, the debt could still be collected then the 1099C would not be issued until their time to collect has expired.

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