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HOW DO I REPORT THE GAIN OR LOSS FROM A 1099-A ON A RENTAL
HOW DO I REPORT THE GAIN OR LOSS FROM A 1099-A ON A RENTAL PROPERTY. THE 1009 A HAS 518,000 IN BOX 1 AND THE FMV AS 405,000. IR WAS SOLD AT AUCTION FOR 340,000 THE INSOLENCY AT THE TIME WAS 135000 AND… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,906 satisfied customers
A client of mine has brought 2 form 1099a from where they
a client of mine has brought 2 form 1099a from where they opted out of a timeshare. it is listing a balance of principal outstanding and a fair market value of property. how do I handle these on form … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
We had a timeshare that we let go back and received a 1099-A
we had a timeshare that we let go back and received a 1099-A form and i'm not sure how to file this on my tax return. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I am an enrolled agent. I have a client with a 1099-C from a
I am an enrolled agent. I have a client with a 1099-C from a foreclosure of a rental property. Box 2, amount of debt discharged, is $175,790. It is a recourse loan. Box 7, fair market value is $309,76… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,906 satisfied customers
What is the procedure and cost the claimed loss of a lender
What is the procedure and cost for disputing the claimed loss of a lender when property has been sold through public auction for a price far below fair market value and we receive notice from the IRS … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,747 satisfied customers
Received a 1099A on my abandoned secured property which was
Received a 1099A on my abandoned secured property which was my main home. Box 5 states was the borrower personally liable for repayment of debt. This box was not checked. Balance of principal outstand… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,906 satisfied customers
Hi Lane;I have a taxpayer who abandoned their rental property
Hi Lane; I have a taxpayer who abandoned their rental property in 2013. He received a 1099A only, and shows the principal owing to be $ 20K less than the FMV. I understand that the 1099A does not impa… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,747 satisfied customers
This is the same situation as the discussion on Wyndham Timeshare
This is the same situation as the discussion on Wyndham Timeshare 1099-C and 1099-A. First, I used a lawyer to obtain a "Deed in Lieu of Foreclosure" this was completed in 2011. I received a 1099-C in… read more
taxmanrog
taxmanrog
Master's Degree
1,407 satisfied customers
I got on the mail a 1099-A ,Abadonment of Secured Property.
I got on the mail a 1099-A ,Abadonment of Secured Property. from Bank of America, including the following data : knowledge of abandoment date: February 3, 2011. Balance of principal outstanding $ 79,2… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,906 satisfied customers
If properities you own are taken over by foreclosers at the
If properities you own are taken over by foreclosers at the tenth month (Oct 2011) and after the full tax year (Jan 2012), what if any tax payments are due if any? How about taxes on credit cards that… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,906 satisfied customers
I received a 1009-A from Wyndham Resorts on TimeShare Property
I received a 1009-A from Wyndham Resorts on TimeShare Property I owned/financed. According to the 1099-A the Balance of Principal Outstanding is $102,592.57 and the Fair Market Value is $216,244.54. I… read more
RD
RD
Self Employed
Master's Degree
1,164 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
Retired
Bachelor's Degree Equivalent
27,906 satisfied customers
My client received 1099- a for his rental property . He is
My client received 1099- a for his rental property . He is personally liable . Amount owed is 116,000 FMV 60,000. Do I report this on schedule E? or do I wait for 1099 C? He bought this rental in 2006… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
I purchasd a rental property condo in 2007 for $235,000 and
I purchasd a rental property condo in 2007 for $235,000 and have $25,000 in depreciation allowed thus far. In 2009 I abandoned the property. I received form 1099-A showing balance of principal outstan… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
We did a short sale in Sept 2009. Had only a first Mortgage
We did a short sale in Sept 2009. Had only a first Mortgage that we had refinanced in 2008. We owed 205,000 and sold our home in OREGON for 150,000. The lender is now sending me and my husband both a … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,906 satisfied customers
I just received a 1099-A after a foreclosure on a rental home
I just received a 1099-A after a foreclosure on a rental home I owned in Florida. The amount in Box 2 (principal oustanding) shows $126,470.88. The Fair Market Value provided by the lender in Box 4 is… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 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, I just received a 1099-A. Box 1 date 08/18/06 (lenders ...
Hi, I just received a 1099-A. Box 1 date:08/18/06 (lenders knowledge of abandonment), Box 2 is $262,270 (balance of principal outstanding), Box 4 is $180,000 (FMV), Box 5 is "yes" (Borrower was person… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
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