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I have a 1099C for cancellation of $30,000 timeshare debt.
I have a 1099C for cancellation of $30,000 timeshare debt. But in box 7 for Fair Market Value it says "$0.00" We own nothing for the $30,000 that we promised to pay and then changed our minds, it isn'… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I filed bankruptcy 10/3/14 I included al my real estate as
Hello.. My name is Hobie. I filed bankruptcy 10/3/14 I included al my real estate as part of my bankruptcy..My last property sold in 2017. I have a capital gain tax due of 41,000. Am I liable for this… read more
Lev
Lev
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If you receive a 1099-A and the balance of the principal
If you receive a 1099-A and the balance of the principal outstanding and FMV of the property are the same does anything need to get reported when filing form 1040?… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
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I received a 1099-c timeshare that my husband and I purchased
I received a 1099-c for a timeshare that my husband and I purchased prior to separating. They listed the reason for the form as a Foreclosure. Does this qualify under the debt relief act? Also I am no… read more
Tyrone J. Taylor
Tyrone J. Taylor
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We are filling out a form 982. My wifes home was purchased
We are filling out a form 982. My wifes home was purchased for 160000 and she had a second for 80000. She foreclosed and the 1st took the home to auction. The second has been trying to collect but has… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I received a 1099-A timeshare property. Does the 1099-A in
I received a 1099-A for a timeshare property. Does the 1099-A in itself mean that they lender sold my timeshare interest and other than my tax responsibilities, I owe nothing more to the company?… read more
Lev
Lev
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I thought I understood the treatment of loans from a member
I thought I understood the treatment of loans from a member in an LLC to the LLC, but now I wonder. I thought that in order to get a business bad debt write off, I the partner (member) had to be in th… read more
PDtax
PDtax
Owner
Master's Degree
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Hi, have 3 rental properties that were abandoned and the bank
Hi, have 3 rental properties that were abandoned and the bank issued 1099A's. 2 of the properties in box 4- Fair Market Valued, have over 20k and 30k respectively less than the (box 2) Balance of the … read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
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I filed for Chapter 13 Bankruptcy in 2010. At the time I had
I filed for Chapter 13 Bankruptcy in 2010. At the time I had a time share with Marriott which was surrendered. This was listed on my orginal filing. At the time I had a balance of $19352.00. I just re… read more
Megan C
Megan C
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Master's Degree
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During the 2012 tax year, I received a 1099-A Form. My tax
During the 2012 tax year, I received a 1099-A Form. My tax preparer is at a lost as to how to report this information, and as to the legal and tax ramifications of this form. Here are some facts you m… read more
Phillip B, EA
Phillip B, EA
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If a property in California had two loans on it (the second
If a property in California had two loans on it (the second is a non-purchase money HELOC) can the second issue a 1099C for the amount between the loan (+ applicable fees) and what the property is eve… read more
BK-CPA
BK-CPA
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I have recieved a 1099-C from Wyndham Vacation Resorts. I signed
I have recieved a 1099-C from Wyndham Vacation Resorts. I signed a deed in lieu 6 months ago and today recieved a 1099-C which shows the released me of $180,000 of Debt. Do I owe taxes on this as earn… read more
Anne
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When I am working on Sch E regarding Dispositions of the Rental
When I am working on Sch E regarding Dispositions of the Rental Property, the worksheets (Turbo Tax) ask for Asset Sale price and land sale price (I broke up based on property assessor info). The FML … read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
3,227 satisfied customers
Hi I had a rental property that was foreclosed on last week.
Hi I had a rental property that was foreclosed on last week. I was losing money on the property every year for the last three yrs,could not rent it or sell it. I paid 200,000 for it and it was sold at… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
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I filed chapter 7 bankruptcy on Sept 9, 2009. It discharged
I filed chapter 7 bankruptcy on Sept 9, 2009. It discharged Jan 5, 2010. I live in California but had a “rental” property in Georgia for which I received a 1099a for 2010. The property was included in… read more
BK-CPA
BK-CPA
Bachelor's Degree
919 satisfied customers
Hi, I purchased my primary residence for $377.5K and
Hi Robyn, I purchased my primary residence for $377.5K and refinanced it later for an interest only loan of $414K. The bank foreclosed it in Sep, 2010. My 2010 end of year loan statement showed a prin… read more
RLWEA
RLWEA
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Bachelor
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I abandoned Stockton house in January 2008. The mortgage company
I abandoned Stockton house in January 2008. The mortgage company sent me financial information Pkgs to complete and i sent it back. This happened 3 times. But no response to my deed in lieu of foreclo… read more
Marvin,EA
Marvin,EA
Enrolled Agent
Bachelor's Degree
1,663 satisfied customers
Assuming my home forecloses and if the sale price at ...
Assuming my home forecloses and if the sale price at auction was $100k (unpaid note balance was also $100k; purchased by first lien older). With declining property values my home at time of foreclosur… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
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