JACKSORH Posted April 9, 2008 Report Share Posted April 9, 2008 I need some guidance with the 1099 A. Should I wait until I get a 1099 C before filing the 4797 and schedule D. In other words, do I report income even if no 1099 C has been issued as yet. This is rental property that was abandon. Box 1 - 4/9/07; box 2 - 52,473; box 4 - FMV 28,563 and box 5 - yes. I read where the FMV of the property is the selling price and as a result, those forms must be filed for 2007. Thanks for all your help, you've been great!! jacksorh Quote Link to comment Share on other sites More sharing options...
Pacun Posted April 9, 2008 Report Share Posted April 9, 2008 I need some guidance with the 1099 A. Should I wait until I get a 1099 C before filing the 4797 and schedule D. In other words, do I report income even if no 1099 C has been issued as yet. This is rental property that was abandon. Box 1 - 4/9/07; box 2 - 52,473; box 4 - FMV 28,563 and box 5 - yes. I read where the FMV of the property is the selling price and as a result, those forms must be filed for 2007. Thanks for all your help, you've been great!! jacksorh Get the basis of the house and report the sale on Sch D using the saling price of $28,563. Quote Link to comment Share on other sites More sharing options...
JACKSORH Posted April 9, 2008 Author Report Share Posted April 9, 2008 Get the basis of the house and report the sale on Sch D using the saling price of $28,563. I understand about filing schedule D, but what about 4797. The information should flow from that form to sch. D. correct. In other words, do I need to fill out both forms. Thanks, jacksorh Quote Link to comment Share on other sites More sharing options...
LindaB Posted April 9, 2008 Report Share Posted April 9, 2008 I understand about filing schedule D, but what about 4797. The information should flow from that form to sch. D. correct. In other words, do I need to fill out both forms. Report it on the 4797 and it will go to sch. D. Yes, you need both forms. 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.