Debt Relief Information
Mortgage on primary residence in 2009 only received a 1099-A?
I foreclosed on my principal residence in 2009. Personal responsibility, the outstanding balance of $ 350,000 fair market value of $ 153,000. After the house was sold at auction (The exact amount as fair market value) the same year that just sent me a 1099-A, non-1099-C. Turbo Tax says that with only a 1099-A presentation is not necessary, simply save it for my records. But elsewhere have found the IRS says to fill out a "Worksheet debt canceled." When you complete that part of the 1099-A of the information, the result I'm going to a refund of $ 2,900 to have the IRS more than $ 100,000 because, according to the spreadsheet that had a profit of $ 350K! But the lender received $ 153k when the house was auctioned. Does Debt Relief Act apply to me if I was never given a 1099-C? Do I have to claim anything from the 1099-A or not?
Not addressed the issue until the COD year the lender cut the 1099-C. That may be several years in the future. By now, allegedly sold the house for less than paid for it, no tax issues involved. When the 1099-C reaches the mortgage debt relief provisions will kick in and you have to file Form 982 for the fiscal year to end the COD income.
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