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My client received a Form 1099-A for 2017 for a rental
My client received a Form 1099-A for 2017 for a rental property that was reporting income and expenses on a Schedule E on their 1040. The property was surrendered before the end of 2017 to the lender.… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I had a foreclosure and received a 1099 C. I think im
hello, i had a foreclosure and received a 1099 C. I think im supposed to use form 982 because it was a rental property . Please let me know any info … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I Short Sold my rental property in 2016 and received a
I Short Sold my rental property in 2016 and received a 1099-C for $79K. However, the FMV Box was not checked but I know how much the Short Sale was for. If I include a Form 982 with this 1099-C incorp… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have to amend 2013 with 1099C. House was 100% rental.
Hi. I have to amend 2013 with 1099C. House was 100% rental. Bought $270,000 in 2004. Foreclosed 2013. Declared Bankruptcy 2010 with debt for house discharged. FMV on 1099C is $175000, Category B and d… read more
LEV
LEV
Retired
Bachelor's Degree
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I have a situation with rental property disposition and 1099-C
I have a situation with rental property disposition and 1099-C received for that property related to non-recourse loan. If it is a nonrecourse loan, than there is no taxable COD, correct? Gain / Loss … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Require two fundamental questions to be answered as it relates
Require two fundamental questions to be answered as it relates to the short sale of a property that couldn't be rented at FMV for years. First question relates to the treatment of the short sale, seco… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
Hi, is Lev there? If possible, Im hoping to work with
Hi, is Lev there? If possible, I'm hoping to work with Lev specifically because he's provided a lot of great answers to questions about 1099c forms.... We purchased a home to live in ourselves in 2006… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I had a property to go into foreclosure in 2013. I received
I had a property to go into foreclosure in 2013. I received a 1099-A form. The property fair market valve was $40000 and the principal owned was $90000. The bank was able to sell the property for the … read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
I received a form 1099C and form 1099S for my investment property..where
I received a form 1099C and form 1099S for my investment property..where do i have to fill out this information in my 1040… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Got my 1099-C for short sale in 2012.....I have always done
Got my 1099-C for short sale in 2012.....I have always done my own taxes, but I need help here. Need to know what forms for this. So far, my research shows 982 and 4797? Bought in 2007, sold in 2012. … read more
PDtax
PDtax
Owner
Master's Degree
1 satisfied customers
What do I report where on my individual tax return? I bought
What do I report where on my individual tax return? I bought a California rental property for $402,271 in 2007 financed by a negative amortization loan of $324,725. From 2007 thru 2010 I took S/L depr… read more
fastfile
fastfile
Tax Advisor
Master's Degree
550 satisfied customers
I owned a rental property originally acquired thru a 1031 exchange.
I owned a rental property originally acquired thru a 1031 exchange. The property was foreclosed upon by the lender and I received a 1099-A in November 2010. The 1099-A shows in box 2 a Loan amount of … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
HI ROBIN CAN YOU PLEASE HELP ME WITH MY FIRST CANCELLATION
HI ROBIN CAN YOU PLEASE HELP ME WITH MY FIRST CANCELLATION OF DEBT QUESTION. TAXPAYER HAS RENTAL PROPERTY (SINCE 2006) THAT HE RECEIVED A 1099 S BOX 2 GROSS PROCEEDS OF $ 72K AND (2) FORM 1099C, ONE I… read more
Anne
Anne
Master Tax Preparer
1,328 satisfied customers
I had a rental property that was foreclosed. I recd a 1099-A
I had a rental property that was foreclosed. I rec'd a 1099-A (no 1099-C was received). Balance of principal outstanding $51K. Fair market value $61K. I was personally liable for repayment of the debt… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
HOW DO I REPORT AN ABANDONMENT LOSS ON A HOME HELD FOR INVESTMENT
HOW DO I REPORT AN ABANDONMENT LOSS ON A HOME HELD FOR INVESTMENT? THE PROPERTY WAS NEVER RENTED OUT. IT WAS PURCHASED TO RESELL, BUT NEVER SOLD. IT WAS PURCHASED IN 2006 AND ABANDONED IN 2009. THE FM… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I RECEIVED A 1099A AS A RESULT OF A FORCLOSURE ON A RENTAL
I RECEIVED A 1099A AS A RESULT OF A FORCLOSURE ON A RENTAL PROPERTY. THE AMOUNT IN BOX 2 IS LESS THAN THE AMOUNT IN BOX 4, AND BOX 5 IS YES. HOW DO I REFLECT 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 received a 1099-A for a rental property, balance line 2 was
I received a 1099-A for a rental property, baXXXXX XXXXXne 2 was 10K more than Fair Markey Value, line 4. Do I report this 10K as income (other income line 21 on 1040) OR do I need to wait for a 1099-… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
how do you figure capital gains tax on sale of rental ...
how do you figure capital gains tax on sale of rental property. i sold a condo in 2004 for 114,000. it was purchased in 2000 for 68,800. my settlement was was for 90,000 after sales commission, 7%, im… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
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