Posted on: 01st Mar, 2009 09:58 pm
i have received a form 1099 a for the first mortgage. am i going to receive another form 1099 a for the second mortgage?. what is the difference between form 1099 a and form 1099 c?.
thank you..
thank you..
Hi Guest,
As far as I know, you will be receiving separate 1099-A forms from both the lenders. A 1099-c form is issued when the mortgage lender forgives the mortgage debts of the borrower. 1099-a forms are issued when there is acquisition or abandonment of property.
As far as I know, you will be receiving separate 1099-A forms from both the lenders. A 1099-c form is issued when the mortgage lender forgives the mortgage debts of the borrower. 1099-a forms are issued when there is acquisition or abandonment of property.
1099A is the form which you use to claim a LOSS on the abandoned/acquired property. If it is personal property, then you are not at all allowed to claim a loss.
If the loan is "canceled" afterwords, the lender will send you a 1099-C which you enter as other income (canceled debt).
:wink:
If the loan is "canceled" afterwords, the lender will send you a 1099-C which you enter as other income (canceled debt).
:wink: