ljwalters Posted March 24, 2009 Report Share Posted March 24, 2009 I am reposting. This is a rental and I found the old posts and how to handle the 1099a and 1099c. In this case there are 2 separate series of 1099s and both 1099As are from the same financial institution and both have the same amount as FMV. But the client only received one 1099C. Does this mean she will not receive a 1099c on the 2nd mortgage or do we still need to wait. And I am assuming I only use the FMV once as the sale price of the rental. This is all so confusing this year. Thanks in advance Linda and buddy Quote Link to comment Share on other sites More sharing options...
ljwalters Posted March 28, 2009 Author Report Share Posted March 28, 2009 I still need the question answered Do I need to wait for a second 1099C Linda and Buddy Quote Link to comment Share on other sites More sharing options...
Lion EA Posted March 28, 2009 Report Share Posted March 28, 2009 Whether or not or when debt is forgiven is a separate issue from the sale/dispositions/abandonment of the property. You'll get a 1099-C when the financial institution decides they will not be able to collect on the debt or maybe never. Quote Link to comment Share on other sites More sharing options...
ljwalters Posted March 29, 2009 Author Report Share Posted March 29, 2009 Thanks Lion, I think I'll just go ahead and finalize this return Linda and buddy Quote Link to comment Share on other sites More sharing options...
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