Posted on: 27th Jan, 2010 07:52 pm
my husband and were received a bankruptcy discharge September 2008, which included a home loan. They foreclosed on us the following year, per our attorney this is "normal" becuase even though we had no mortgage any longer due to the bankruptcy, they still need to foreclose to take the property back. It was foreclosed on September 2009 and now, Jan 2010 we have received a 1099-A form stating that the balence was 84,516 and the FMV was 50,000 and box #5 states "yes" we are are liable for the repayment of the debt. What does this mean? is this an error? I thought the bankruptcy cleared it all away. How does this affect how I need to do my taxes this year? HELP!!!
We filed BK were discharged in Jan 2011 home was foreclosed in Oct 2011 we got form 1099A which reads as follows
Box 1 Oct 2011
Box 2 180,000
Box 3 Blank
Box 4 99,000
Box 5 not checked
So form do I use to file taxes with this form should I expect or wait to receive a 1099-C to file my taxes?
Thanks for the help
Box 1 Oct 2011
Box 2 180,000
Box 3 Blank
Box 4 99,000
Box 5 not checked
So form do I use to file taxes with this form should I expect or wait to receive a 1099-C to file my taxes?
Thanks for the help
Hi Mike!
Welcome to forums!
Your query has been answered in the given page: http://www.mortgagefit.com/budgeting-finance/about53953.html . Please take a look at it. I hope it will help you.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Your query has been answered in the given page: http://www.mortgagefit.com/budgeting-finance/about53953.html . Please take a look at it. I hope it will help you.
Feel free to ask if you've further queries.
Sussane
I filed for Ch.7 BK in 2008 in which I included a couple mortgages, one for my principle residence and one for an investment property. In 2010 the bank finally foreclosed on my investment property and I received a 1099A. Do I just check box 1A and put the amount in 2? Or do I need to complete the bottom portion as well?
Also in 2011 I finally had to short sale my primary residence because the bank would not foreclose and I was incurring significant HOA dues. The escrow company sent me a 1099 with the sale amount. How do I complete 982 for this? It was included in my BK but it was also my principle residence. I am confused!!
Also in 2011 I finally had to short sale my primary residence because the bank would not foreclose and I was incurring significant HOA dues. The escrow company sent me a 1099 with the sale amount. How do I complete 982 for this? It was included in my BK but it was also my principle residence. I am confused!!
Hi Donna,
I will suggest you to contact a tax advisor and take his opinion in this matter. He will guide you in filling out the tax form.
I will suggest you to contact a tax advisor and take his opinion in this matter. He will guide you in filling out the tax form.
we filed bankruptcy in 2010 but did not surrender our primary residence and were able to keep it. then, in 2012 we went ahead and foreclosed anyway on our home. our attourney says we owe taxes for a refinance loan on this property from years prior, which we used to pay off consumer debt. is this true? i live in california.
Hi Shawni!
Welcome to forums!
I will suggest you to get in touch with a tax adviser and take his opinion in this regard. He will let you know whether or not your attorney is right.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I will suggest you to get in touch with a tax adviser and take his opinion in this regard. He will let you know whether or not your attorney is right.
Feel free to ask if you've further queries.
Sussane
We filed chap 7bankruptcy 12/11 and was discharged 4/12. Our second home was foreclosed on 9/12. The 1099 a form shows a higher amount in box 4 than 2. My question is whether this is considered to be taxable income because it was not our primary residence. We did not receive an income on this home since 4/11, when a person walked away from a lease purchase agreement.
The form shows box 1 9/12
Box 2 $131,000
Box 3 blank
Box 4. 151,000
Box 5 checked yes
Thank you for any information you can provide.
The form shows box 1 9/12
Box 2 $131,000
Box 3 blank
Box 4. 151,000
Box 5 checked yes
Thank you for any information you can provide.
Hi Anne,
Though you're personally liable for the debt payment, you won't be liable for paying taxes as the property value is more than your outstanding debt. Thus, the question of forgiving debt does not arise.
Thanks
Though you're personally liable for the debt payment, you won't be liable for paying taxes as the property value is more than your outstanding debt. Thus, the question of forgiving debt does not arise.
Thanks
Hi I short sold my home I lived in for 15yrs for less than what was owed on it with the mortgage company accepting the amount offered .Now I've received a 1099c form and I don't know what this is or what I need to do and if I have to pay something.please help
Hi tina,
The form 1099c is issued in regards to cancellation of debt. I guess after the short sale, the lender had forgiven your delinquent mortgage balance. In such a situation, you may be liable for paying taxes. But again, as the Mortgage Forgiveness Debt Relief Act has been extended, so you may not have to pay the taxes.
The form 1099c is issued in regards to cancellation of debt. I guess after the short sale, the lender had forgiven your delinquent mortgage balance. In such a situation, you may be liable for paying taxes. But again, as the Mortgage Forgiveness Debt Relief Act has been extended, so you may not have to pay the taxes.
I abandoned my condo in 2008. In 2009 I filed Chapter 7 BK including the debt on the condo and it was completely discharged. Now in 2012 I receive a 1099A from BofA that states:
Box #2: $276,539.07
Box #4 FMV -$78,500.00
How do I report this on my taxes? Tell me as if I were a 6 year old child cause it makes no sense to me why I even got this 1099A. BofA said they sold the place in 2012. What do I care that they sold it? Why am I getting this 1099A? Once again...what do I do with it? Thanks!
Box #2: $276,539.07
Box #4 FMV -$78,500.00
How do I report this on my taxes? Tell me as if I were a 6 year old child cause it makes no sense to me why I even got this 1099A. BofA said they sold the place in 2012. What do I care that they sold it? Why am I getting this 1099A? Once again...what do I do with it? Thanks!
Hi Mark!
Welcome to forums!
You should contact a tax professional and get his opinion in this regard. You will receive this form in case there is an acquisition or abandonment of secured property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You should contact a tax professional and get his opinion in this regard. You will receive this form in case there is an acquisition or abandonment of secured property.
Feel free to ask if you've further queries.
Sussane
box 2: 105,259
box 4: 127,798
the home was included in my bankruptcy. What do I need to do with this information? Thank you
box 4: 127,798
the home was included in my bankruptcy. What do I need to do with this information? Thank you
Hi As!
Welcome to forums!
Box 2 in 1099a form refers to the balance amount owed on the principal and Box 4 refers to the fair market value. In your case, the fair market value of the property is greater than the balance amount owed. You should contact a tax adviser and he will let you know as to what you need to do with the form.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Box 2 in 1099a form refers to the balance amount owed on the principal and Box 4 refers to the fair market value. In your case, the fair market value of the property is greater than the balance amount owed. You should contact a tax adviser and he will let you know as to what you need to do with the form.
Feel free to ask if you've further queries.
Sussane
I have just received a 1099-A after i filed my taxes on turbo tax. I was unaware that I wuld receive this because I filed chapter 7 and received my discharge by the court on 5/5/10. On the 1099-A under box 1 it stated DATE ACQUIRED BY LENDER OR ABANDONED 5/25/12 AND BOX 5 BORROWER WAS PERSONALLY LIABLE FOR REPAYMENT OF DEBT!omg!could you please tell me what I need to do?thank you!