If, in the same calendar year, you cancel a debt in connection with a .

Feb 4, 2011 – If the creditor intends to pursue the deficiency balance, the creditor should instead file Form 1099-A, listing the foreclosure sale price as the fair .

Aug 11, 2010 – If you have property picked up in foreclosure, you're supposed to get a Form 1099-A. You're lucky if they even prepare a Form 1099-A (for some .

4 posts - 3 authors - Last post: Feb 5I live in Arizona. my story in a nutshell, On 10/8/07 after 48 yrs of marriage, I became a widow. My husband had Alzheimers, the last 2 yrs were.

Mar 17, 2011 – What to do if you receive IRS Form 1099-A after foreclosure of an investment property and subsequent.

Feb 2, 2011 – In particular, folks seem most confused by the receipt of Form 1099-A from lenders who have taken property back in foreclosure. .

Feb 5, 2010 – I have a client who has received a 1099-A (Aquisition of Secured Property)I have never seen this form before so I'm unsure how exactly to treat .

I had a foreclosure 5/08, I recieved a 1099-A form. The balance of principal outstanding is $148000 and the fmv is $165000 and I a liable for pepayment of debt. .

Mar 13, 2010 – Two 1099's, two Creditors, one mortgage on the property (which was never refinanced), and one foreclosed property. The amounts on the .

Mar 13, 2010 – Misinformation about cancellation of debt and tax .

If you abandoned your house or were foreclosed on, you will most likely receive a Form 1099-A at the end of the year from the buyer or institution who claimed .

Dec 11, 2008 – 1. Enter the total amount of the debt immediately prior to .

After Foreclosure What is a Form 1099-C or 1099-A from mortgage company? Profile picture for Citizen of USA · Citizen of USA; Contributions: 8. Flag content .

Patricia, If you walked away tendering keys plus deed and the investment property has lower adjusted basis than amount forgiven, yes. You may .

Mar 31, 2011 – If you have received a Form 1099-A in the mail, chances are it's because you lost a piece of real estate to a foreclosure in 2010. As you have .

Question - Had a foreclosure. Got 1099-a form. Line 2 is . . Find the answer to this and other Finance questions on JustAnswer.

Feb 6, 2011 – At the end of the day, there is nothing you need to do with .

Apr 5, 2007 – Q: I received a 1099-A from the lender on a foreclosure from 2006. Do I have to claim it on my 1040 as income? Balance was $108000 and fair .

Feb 23, 2010 – Our home was foreclosed on in July 2009. The bank sold it .

Mar 16, 2011 – If you received a 1099-A from foreclosure of an investment property, you will need to run the calculations to determine if there is a gain or loss .

Feb 3, 2011 – Advice and information about 1099-A forms sent after a foreclosure.

Lawyers and Mortgage Companies' Foreclosure Shams; 1099-A Fraud on the IRS 1 comment. Sep 3, 2009 4:22 PM. Font: Print. Email · Recommend .

Here we take a closer look at the phenomenon of 1099 Cancellation of Debt income following a foreclosure. Why Foreclosed Homeowners Receive 1099s for .

May 12, 2011 – Foreclosure. A creditor must file a 1099-A when, in full or partial satisfaction of a debt, it acquires an interest in real property that is security for .

You may have to report your home foreclosure as taxable income on your tax return. . You may have received either a Form 1099-A or Form 1099-C, or both. .

May 30, 2008 – A Deed in Lieu of Foreclosure and Form 1099a – What You Need to Know. IRS building.jpg A deed in lieu of foreclosure is a legal proceeding .

14 posts - 4 authors - Last post: Feb 1, 2008What is the name of your state? NY House foreclosed in 2007. I had 2 loans on house, 1 for 320K and 1 for 80K, total = 400K. Bank owned .

Feb 15, 2010 – Client received a 1099-A for rental property that was foreclosed. Would the transaction result in an entry on Form 4797 and an entry on line .

Feb 3, 2010 – My bestfriend just went through foreclosure in MN in 2009. The redemption period ended on 10/26/09. The house has not been put on the .

The Mortgage Forgiveness Debt Relief Act applies towards a foreclosure as well. If the house is foreclosed upon you receive a 1099-A which does not cancel .

If the debt is cancelled, then you get Form 1099-C. If you have property that is both foreclosed on and the debt is cancelled, you'll get both Form 1099-A and .

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2 posts - 1 author - Last post: Mar 5In-depth, unbiased analysis of the Southern California housing bubble, with a focus on San Diego.

Feb 27, 2010 – When a house is foreclosed upon by the bank, the owners .

When we explain the results of the foreclosure sale and the 1099 to the homeowners, they never seem to care. They just want us to help them so they can start .

Mar 14, 2011 – Okay, your situation is one where the 1099-A, post .

Jun 21, 2011 – I have a client that received a 1099-A for a foreclosure on property, do I need to report it? The IRS did not send a 1099-C or 1099-MiSC.

When a house is foreclosed upon by the bank, the owners typically receive Form 1099-A from the lender showing several pieces of relevant information. .

1099-A In the Mail? How to Avoid Taxes on Cancelled Debt. by Gerri Detweiler on 03/14/2011. If you have lost your home to foreclosure, or sold it for less than .

Feb 16, 2010 – When the bank issues a 1099-A on foreclosed homes, there usually is no tax impact. Read more about taxes using our tax guide at .

5 posts - 4 authors - Last post: Jan 31Can anyone tell me why the banks are checking box 5 as Yes on the Forms 1099 -A when the properties have been foreclosed on and the .

3 answers - Dec 17, 2007Top answer: The foreclosure is considered a "sale" of the property because you no longer have an ownership of it. So, it does have to be treated and reported as a sale. .

Apr 18, 2010 – We received a 1099-A for our house that foreclosed in February, 2009. We have not received a 1099-C? Do we need to file something with the .

Feb 3, 2010 – There is no debt forgiveness tax on debts discharged in bankruptcy.

10 posts - 4 authors - Last post: Mar 26, 2009Legal Help for Real Estate Finance - Foreclosure: Anyone Get a 1099-A After Foreclosure. WI We were foreclosed on in 2008, in Wisconsin.

The bank sends a Form 1099-A to Brown and the IRS. Using the numbers in the example, the 1099-A indicates the foreclosure bid price ($230000), the amount .

Feb 3, 2010 – My bestfriend just went through foreclosure in MN in 2009 .

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Mar 19, 2011 – what is a 1099 a foreclosure. Has anyone who's ever had a foreclusure received a 1099? I am probably going to loose my home to foreclosure .

Ah, once again we arrive at tax season. I know this because my office is right next door to a very large accounting firm, and I know it's tax season when I come in .

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