Donny Posted February 28, 2008 Report Posted February 28, 2008 I just want to make sure I carify this problem and make sure I fill this right this year, if I need to fill anything, thank you very much for you patience here with me. client recived a 1099A , there is still a debt of 31287.88 owed after home is sold, she got a letter from mortage co. showing this, I do not see any place on the 1099A or the letter showing the amt. the home was sold for. only FMV listed on 1099a She has not gotten a 1099c as of yet. do I get her to contact mortage co for amt. sold so I can file Sec D, or do I wait for 1099C, If not please explain simpily what I do, and once again thank you. 1099a Box 5 is checked, yes. Quote
Pacun Posted February 28, 2008 Report Posted February 28, 2008 As I said before, you should file sch D and report the sale of the home for matching purposes. As you know the IRS has a copy of the 1099-A. I think your client will get a 1099-C for next tax year. Quote
jainen Posted February 28, 2008 Report Posted February 28, 2008 >>1099a Box 5 is checked, yes.<< It is in the lender's interest to characterize this as a recourse loan whether it actually is or not. Unless your client is satisfied with $31000 income from cancellation of debt, take a look at the original loan agreement and the foreclosure documents. Quote
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