acquisition or abandonment of secured property

[pusherman]

What is the name of your state? Florida

I received the above 1099-A after my home was foreclosed on. Where do I insert the figures on my tax return and what FORM is best to use? Thanks.

[LdiJ]

Originally Posted by pusherman

What is the name of your state? Florida

I received the above 1099-A after my home was foreclosed on. Where do I insert the figures on my tax return and what FORM is best to use? Thanks.

You should really use a tax pro this year to handle your taxes. Dealing with a 1099-A is tricky. Its not necessarily taxable to you. It depends on how much you owed on the mortgage, vs the price they sold it for, vs the fair market value of the property. If it is taxable, then again how much is taxable depends on all of those factors as well.

[pusherman]

Thanks for the reply......yes, the 1099-A has all the "factors"/numbers /figures listed on it. I still need to know where on the RETURN does it go. Thanks.