sshams95 Posted March 18, 2009 Report Share Posted March 18, 2009 Client received 1099 A as follows: Box 1 10/16/08 Box 2 292,450 as principal balance outstanding Box 4 355,000 as FMV of property Client did not receive 1099C and also filed for bankruptcy in 2008. Do I need to report this? Quote Link to comment Share on other sites More sharing options...
David1980 Posted March 18, 2009 Report Share Posted March 18, 2009 Taxpayer used to have property. Taxpayer no longer has property. So you have a gain/loss on disposition of property. Depending what kind of property it is, the loss might not be deductible and the gain might be excludable with section 121. Though with those numbers there is no cancellation of debt income. So you only have to worry about the gain/loss on disposition of an asset. Quote Link to comment Share on other sites More sharing options...
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