Posted on: 01st Nov, 2010 03:00 pm
Our invesment property was forclosed in June or July/2009. Bank of America sent us form 1099-C. H&R Block, our tax preparer, said they would need both 1099A and 1099C. We never received 1099A from the bank since the property was forclosed. We called the bank to request 1099A but they seemed clueless because they have just sent us a copy of 1099C. We are very confused - Could somene please shed a light on this ? Should we have received both forms ? Thank you for your time .
Hi Guest!
Welcome to forums!
As far as I know, you will require both the 1099a form as well as the 1099c form. The 1099a form is for Acquisition or Abandonment of Secured Property whereas 1099c form is for Cancellation of debt. It will be better if you could require your lender to offer you the 1099a form for tax purpose.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I know, you will require both the 1099a form as well as the 1099c form. The 1099a form is for Acquisition or Abandonment of Secured Property whereas 1099c form is for Cancellation of debt. It will be better if you could require your lender to offer you the 1099a form for tax purpose.
Feel free to ask if you've further queries.
Sussane
Hi Sussane, I appreciated very much for your response. I'll call the bank to request again for 1099A.