1099 A

[JACKSORH]

I need some guidance with the 1099 A. Should I wait until I get a 1099 C before filing the 4797 and schedule D. In other words, do I report income even if no 1099 C has been issued as yet. This is rental property that was abandon. Box 1 - 4/9/07; box 2 - 52,473; box 4 - FMV 28,563 and box 5 - yes.

I read where the FMV of the property is the selling price and as a result, those forms must be filed for 2007.

Thanks for all your help, you've been great!!

jacksorh

[Pacun]

I need some guidance with the 1099 A. Should I wait until I get a 1099 C before filing the 4797 and schedule D. In other words, do I report income even if no 1099 C has been issued as yet. This is rental property that was abandon. Box 1 - 4/9/07; box 2 - 52,473; box 4 - FMV 28,563 and box 5 - yes.

I read where the FMV of the property is the selling price and as a result, those forms must be filed for 2007.

Thanks for all your help, you've been great!!

jacksorh

Get the basis of the house and report the sale on Sch D using the saling price of $28,563.

[JACKSORH]

Get the basis of the house and report the sale on Sch D using the saling price of $28,563.

I understand about filing schedule D, but what about 4797. The information should flow from that form to sch. D. correct. In other words, do I need to fill out both forms.

Thanks,

jacksorh

[LindaB]

I understand about filing schedule D, but what about 4797. The information should flow from that form to sch. D. correct. In other words, do I need to fill out both forms.

Report it on the 4797 and it will go to sch. D. Yes, you need both forms.