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I sold my house on a short sale and got a 1099-C and on line
I sold my house on a short sale and got a 1099-C and on line 1 is the date of 06/05/2017. Line 2 has $200,551 as the amount of the debt discharded. Line 4 has Mortage short sale. Line 5 ischecked that… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,749 satisfied customers
My father passed away 1/1/2017. My Mom in 2001. I had to
My father passed away 1/1/2017. My Mom in 2001. I had to sell his home as a short sale. That closed on 8/30/17. My Mother was never on the loan to that home. Ditech was a Second of 75k. Upon the sale,… read more
socrateaser
socrateaser
1,031 satisfied customers
My husband and I did a quick claim deed in lieu of
my husband and I did a quick claim deed in lieu of foreclosure. We purchased the house for 50,000.00 and have rented it out until we did the quick claim deed. The realator sold it for 49900 on March 2… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
GINA...I have a 1099-C rental property that I sold as a
GINA...I have a 1099-C for a rental property that I sold as a short sale. … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,749 satisfied customers
How do I figure the Cost or other basis house inherited and
How do I figure the Cost or other basis for a house inherited and sold in 2014 to input on form 8949, sec. 1, part (e) ?… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor's Degree
1 satisfied customers
If you are an accountant on Just Answer with the initials
If you are an accountant on Just Answer with the initials S.A., please don't answer. I'm merely writing this post to confirm our discussion. Thank you. Please don't answer this unless you're a U.S. CP… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 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
Hi Megan, I have a client who: BOT a principal residence
Hi Megan, I have a client who: BOT a principal residence in 1997 for $329.000 and lived in it. 2004-2012 it was rented out. 2012 he lost it in a short sale. He purchased it for $329,000, it was short-… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
i received 2 forms 1099-c on a short sale for rental property,
i received 2 forms 1099-c on a short sale for rental property, one is non recourse, the larger one, the other is recourse, do i have to report the non-recourse as income?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Hi, my question is this. I did a short sale on my home last
Hi, my question is this. I did a short sale on my home last year, because I could no longer pay for it any more. I got a 1099-A form in the mail. Box 2 says balance of outstanding 70,00. Box 4 says fa… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor's Degree
1 satisfied customers
I have a real estate property which I have used as a music
I have a real estate property which I have used as a music recording studio. It's not my primary home. The property was purchased for $355,000. The property was foreclosed. I received a 1099 C for for… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
1099c cancellation of debt from foreclosed Timeshare.
My client has a 1099-C cancellation of debt form from a Timeshare that was foreclosed. The amount of debt was $18,000 and the fair market value was $24,449. Box 5 is checked and Box 4 says Vacation Ow… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,749 satisfied customers
In 2008 we paid $289,900 for an investment/second home condo.
In 2008 we paid $289,900 for an investment/second home condo. Paid 10% down. We believe the lender, Wells Fargo, the seller and selling agent, committed fraud by failing to disclose deed restrictions … read more
socrateaser
socrateaser
1,031 satisfied customers
Hello, My girlfriend foreclosed on her condo last year. We
Hello, My girlfriend foreclosed on her condo last year. We just got a 1099-C for 70k. 1. I thought the gov stopped 1099'ing for primary residence foreclosures or short sales? 2. Is there anyway around… read more
TaxWhisperer
TaxWhisperer
Principal
Master's Degree
24 satisfied customers
Our primary residence was foreclosed upon in July 2010. Our
Our primary residence was foreclosed upon in July 2010. Our outstanding mortgage was $304,000. We learned that our house sold for $204,000 in November or December 2010. We expected to receive a 1099-C… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,749 satisfied customers
hello my name is mark. here we go i will try to explain
hello my name is mark. here we go i will try to explain this, my principal home i got back 23 years ago was for 175,000 this is my only home now with kids and a wife i refied a coup[le of times , to t… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,749 satisfied customers
I received a form 1099-A for my principal residence which was
I received a form 1099-A for my principal residence which was sold via a short sale in Feb.2009. The amount on line 2 of 1099-A Balance of principal outstanding is $170,539.12 and the amount on line 4… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Hi, Thanks for the time in answering my question. We (me
Hi, Thanks for the time in answering my question. We (me and my spouse) purchased a home on Nov. 2004 for about $380,000. We used one line of credit and again we consolidated the lone about a year aft… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
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