Currently viewing the category: "1099"

Instructions for Handling the 1099-a and 1099-c After Foreclosure

On February 10, 2012 By

Handling the Different IRS Forms 1099-a and 1099-c

Did Your Mortgage Lender Send You a 1099-A and 1099-C? Wondering what the difference is between the two and need some instructions for handling these forms? Let’s dig into some of the issues your are facing.

The 1099-A

Mortgage lenders use IRS Form 1099-A to inform the [...]

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Now What, I Received a 1099-A on Investment Property After Foreclosure and Bankruptcy?

On March 14, 2011 By

Question

I surrendered a rental property in 2010 in a bankruptcy which was successfully discharged and later received a 1099-A for it. My CPA insists that because it is a ‘recourse property’ and not my primary residence, I am still liable for the taxes. I even showed him your articles about receiving a 1099-A after [...]

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What To Do With a 1099-C Received After Bankruptcy Discharge?

On March 1, 2011 By

For additional information, see these posts.

IRS Form 1099-A and 1099-C After Bankruptcy

1099 Methner Law Blog Category

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IRS Form 1099-A and 1099-C After Bankruptcy, What Do I Do?

On February 6, 2011 By

I have written on this topic before (here), but with tax time approaching and 2010 being a near record year for bankruptcy and foreclosure, it is time to re-visit the tax reporting and implications related to mortgage debt after bankruptcy.

Let’s set the stage: you (the debtor) received a bankruptcy discharge in 2010 [...]

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I Received a 1099-A After Foreclosure, But Not a 1099-C, What Does That Mean?

On April 18, 2010 By

Question:

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 1099-A? When should we expect a 1099-C? We have already filed our taxes for 2009 and would need to amend them for this, but haven’t received a [...]

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Should I Short Sale My Home?

On April 23, 2009 By

Question:

We owe on a house $250k first mortgage and $87k on the second mortgage. We are struggling to make the monthly payments. Is it better to foreclose or to short sell the house? There are listings in our neighborhood for $290k and we owe total of $337k, we have no cash to pay the [...]

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