Posted on: 02nd Mar, 2011 08:30 am
we filed chapter 7 bankruptcy on may 29, 2009. was final dec. 2009.
we received a 1099-a acquisition of abandonment or (etc.) fair market value was $68,000. balance of loan was $121,699. on the property court records fmv is $121, 300. however, there are two lots, the 2nd is not listed on 1099-a, court property records on that one say fmv is $13,700. how do i file taxes?
we received a 1099-a acquisition of abandonment or (etc.) fair market value was $68,000. balance of loan was $121,699. on the property court records fmv is $121, 300. however, there are two lots, the 2nd is not listed on 1099-a, court property records on that one say fmv is $13,700. how do i file taxes?
Welcome hannah,
As you had filed bankruptcy and received one 1099A form for your property, I will suggest you to contact a CPA and take his/her opinion in this matter. The CPA will be able to guide you better in this matter.
As you had filed bankruptcy and received one 1099A form for your property, I will suggest you to contact a CPA and take his/her opinion in this matter. The CPA will be able to guide you better in this matter.
Exempt property is property that one can keep when they file bankruptcy. Each state has different exemptions so you should check with your bankruptcy attorney for the different exemptions in your state.
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This case requires you to get an expert so he can assist you very well as bankruptcy court regulations may vary from the place where you live or your business became active.