joanmcq Posted April 29, 2008 Report Posted April 29, 2008 Should I treat a foreclosure as a sale (subject to 121 exclusion) even if a 1099-A wasn't issued? He got a COD for the LOC on the house, but nothing from the main loan. Nonrecourse I beleive, as it was the origninal loan and this is CA. Quote
kcjenkins Posted April 29, 2008 Report Posted April 29, 2008 I would, just to document the sale in case he later gets anything. Quote
joanmcq Posted April 30, 2008 Author Report Posted April 30, 2008 The house was converted to a rental about 4 months before the foreclosure. does that change the answer? The tenants didn't pay but one months rernt, and then trashed the place which left it unrentable, and thus caused the foreclosure. Quote
kcjenkins Posted May 1, 2008 Report Posted May 1, 2008 No, that would not change the answer, except that they would have to recapture that one month of depreciation. Quote
joanmcq Posted May 1, 2008 Author Report Posted May 1, 2008 Ah, I read your answer wrong. I was reading 'I would just document it' rather than 'I would, just to document'. What a difference a comma makes! How is your husband doing? Quote
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