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Bought a single family in 2007 and lost it to fore closer in…

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Bought a single family...

Bought a single family in 2007 and lost it to fore closer in 2016. House bought at 103,000 and sale of 70000. Received a 1099a for 2017 taxes. What is my responsibility for this. Single mother with 2 children?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Made #31000 for 2017

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Married 2010 divorced 2015. Standard deductions

Submitted: 2 months ago.Category: Tax
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Answered in 3 minutes by:
3/27/2018
Tax Professional: Lev, Tax Advisor replied 2 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,955
Experience: Taxes, Immigration, Labor Relations
Verified

If that was your primary residence is if you did not receive form 1099S for that disposition - you do not need to report that transaction on your tax return.

Form 1099A just reports that disposition - and doesn't require any reporting in your situation.

HOWEVER

if there was a debt partially forgiven as related to this foreclosure - we need to verify if you may expect form 1099C.

If yes - you may need to use form 982 with your tax return.

Please verify.

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Customer reply replied 2 months ago
The 1099a is the only form received for the house.
Tax Professional: Lev, Tax Advisor replied 2 months ago

Can you verify for me

on 1099A - amounts in box 2 and amount in box 4 ?
also - please verify if box 5 is checked?

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Tax Professional: Lev, Tax Advisor replied 2 months ago

If you still have any doubts, need clarification - please be sure to ask.

I am here to help you with all Social Security / Tax related issues.

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