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I am your monthly member. I need to get a better idea from
i need to get a better idea from your professional … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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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
Tax advisor and Enrolled Agent
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The question is about how to report a 2017 short sale of a
The question is about how to report a 2017 short sale of a single family rental property on my tax return. BACKGROUND: I had a 1st mortgage and a separate 2nd mortgage through an equity line of credit… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
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With a forclosed house, will I get a 1099-C from a servicer?
I had a Fannie Mae mortgage, the mortgage servicing company refused to work with me and the house was foreclosed on in Feb 2016. I know the house was sold by Fannie Mae in June 2016. Will I get a 1099… read more
Mark Taylor
Mark Taylor
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We had a second mortgage held by Ocwen who took over from GMAC.
We had a second mortgage held by Ocwen who took over from GMAC. the 2nd mortgage company went into bankruptcy. We had been paying out 2nd on time until a payment as returned with a letter stating tht … read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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Hello, since federal mortgage forgiveness act has not been
Hello, since federal mortgage forgiveness act has not been extended The situation in Portland, Oregon. Husband and wife purchase their primary residence in 2005, with 1st mortgage, after purchase took… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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I received a 1099-C from USAA for tax year 2012. My house is
I received a 1099-C from USAA for tax year 2012. My house is now in escrow and the title company instructed me to ask USAA to record a reconveyance and provide proof (a letter) stating the reconveyanc… read more
Robin D.
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Hi! I was reading a question you answered a couple years ago
Hi! I was reading a question you answered a couple years ago regarding 1099-A on a rental property. I am at a loss on what to do and what everything means. Please help! Just talked to the bank and was… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,952 satisfied customers
How do I calculate my cancelled debt on 2 properties
How do I calculate my cancelled debt on 2 investments properties that were foreclosed on last year. We purchased the condos for $151K each. We put $15K down. At foreclosure, the balance on the primary… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,952 satisfied customers
My received a 1099A in 2009 related to her foreclosed home
My received a 1099A in 2009 related to her foreclosed home from the Fannie Mae 1st secured lender. It lists the Fair Market Value of her abandoned property at $323,000 and the amount owing as $308,000… read more
RLWEA
RLWEA
Enrolled Agent
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2 separate items related to Rental Prop 1st I recd 1099C
2 separate items related to Rental Prop – 1st I recd 1099C w/amt of canceled debt of 62K w/property FMV of 119K, personally liable for the debt (recourse). The adj basis of the rental prop is 168K. Pe… read more
socrateaser
socrateaser
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We own a rental property that is valued many thousands of dollars
We own a rental property that is valued many thousands of dollars below our mortgage. We have an offer for a short sale. This property has been depreciated as a rental property since July, 2004. The m… read more
RD
RD
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Master's Degree
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I received two 1099-a for the same RENTAL property. House
I received two 1099-a for the same RENTAL property. House in AZ non-recourse state. Both for the same property and both loans taken out the same time for the home. 1st 1099a Box 2 198,669.83 Box 4 137… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,952 satisfied customers
My wife and I sold a rental property (4-plex) in September
My wife and I sold a rental property (4-plex) in September 2009 through a short sale. We are wondering if the 1099c cancelled debt can be counted against the loss of the property? Situation number: Pu… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,952 satisfied customers
I have two 1099-A from the same rental property. I had a 1st
I have two 1099-A from the same rental property. I had a 1st and 2nd Mortgage on the property. The first 1099-A has balance of Principal (Box 2) showing $208,000. FMV (Box 4) shows $142,000. Box 5 sho… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,952 satisfied customers
We are at the decision point on whether to short sell our condo
We are at the decision point on whether to short sell our condo or try to re-negotiate our mortgage with the lender. I am concerned a short sale will result in a significant tax on the cancellation of… read more
Anne
Anne
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We lost our home to non-judicial foreclosure by the holder
We lost our home to "non-judicial foreclosure" by the holder of our first, yet smaller mortgage. The holder of the 2nd mortgage through a mutually agreed upon transaction, bought the property from the… read more
Dave Z
Dave Z
Self-Employed
Bachelor
418 satisfied customers
I have rental property that I am considering selling in a short
I have rental property that I am considering selling in a short sale. I have heard that the IRS may require that I pay taxes on the "forgiven" part of the mortgage on the property even though the bank… read more
Ed Johnson
Ed Johnson
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