Posted on: 03rd Apr, 2011 07:20 am
I filed my taxes in March. Now on April 2 I received a 1099A. Why did I receive this so late? I filed my mortgage in a chapter 7 back in 2005.
Then I walked away from my property back in 2009 because i owed more than the property was worth. Here is what my paper states.
Box 2 $30,300.15
Box 4 $21,000.00
Box 5 Yes
I do believe this property sold at sheriff sale for $8,000.00
I guess I have to file an amended tax return. Do I have to file everything over with the state and city besides the federal?
What happens now?
Thanks
Then I walked away from my property back in 2009 because i owed more than the property was worth. Here is what my paper states.
Box 2 $30,300.15
Box 4 $21,000.00
Box 5 Yes
I do believe this property sold at sheriff sale for $8,000.00
I guess I have to file an amended tax return. Do I have to file everything over with the state and city besides the federal?
What happens now?
Thanks
Hi LC,
There is no specific reason as to why you've received the 1099a form so late. As you did not reaffirm your bankruptcy filing, you're not liable for paying off the deficient balance resulting from the property sale. You should contact your lender and rectify the form so that Box 5 mentions "NO". It is true that you will have to file an amended tax return. You should contact a CPA and he will guide you further in this matter.
Thanks
There is no specific reason as to why you've received the 1099a form so late. As you did not reaffirm your bankruptcy filing, you're not liable for paying off the deficient balance resulting from the property sale. You should contact your lender and rectify the form so that Box 5 mentions "NO". It is true that you will have to file an amended tax return. You should contact a CPA and he will guide you further in this matter.
Thanks