Donny Posted February 28, 2008 Report Share Posted February 28, 2008 I just want to make sure I carify this problem and make sure I fill this right this year, if I need to fill anything, thank you very much for you patience here with me. client recived a 1099A , there is still a debt of 31287.88 owed after home is sold, she got a letter from mortage co. showing this, I do not see any place on the 1099A or the letter showing the amt. the home was sold for. only FMV listed on 1099a She has not gotten a 1099c as of yet. do I get her to contact mortage co for amt. sold so I can file Sec D, or do I wait for 1099C, If not please explain simpily what I do, and once again thank you. 1099a Box 5 is checked, yes. Quote Link to comment Share on other sites More sharing options...
Pacun Posted February 28, 2008 Report Share Posted February 28, 2008 As I said before, you should file sch D and report the sale of the home for matching purposes. As you know the IRS has a copy of the 1099-A. I think your client will get a 1099-C for next tax year. Quote Link to comment Share on other sites More sharing options...
jainen Posted February 28, 2008 Report Share Posted February 28, 2008 >>1099a Box 5 is checked, yes.<< It is in the lender's interest to characterize this as a recourse loan whether it actually is or not. Unless your client is satisfied with $31000 income from cancellation of debt, take a look at the original loan agreement and the foreclosure documents. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.