• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Form 1099-a

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

macevedo12

Junior Member
What is the name of your state (only U.S. law)? Oregon

I received a Form 1099-a on the foreclosure of a house. The house was foreclosed in 2008. Do I need to put this on my 2008 income tax return? I know in 2009 the house sold for less than the FMV listed on the 1099-a, so will I get a 1099-c for 2009. Do I need to wait for the 1099-c to declare it on my tax return for 2009 or do I declare the amount on the 1099-a for 2008?
 
Last edited:


LdiJ

Senior Member
What is the name of your state (only U.S. law)? Oregon

I received a Form 1099-a on the foreclosure of a house. The house was foreclosed in 2008. Do I need to put this on my 2008 income tax return? I know in 2009 the house sold for less than the FMV listed on the 1099-a, so will I get a 1099-c for 2009. Do I need to wait for the 1099-c to declare it on my tax return for 2009 or do I declare the amount on the 1099-a for 2008?
For 2008 you need to deal with the "sale" of the house. A foreclosure is treated like a sale of the property. Please see a tax professional for assistance.

You will most likely receive a 1099C for 2009, and you will deal with that, at that time.

If the home was your primary residence, most likely you will not have any actual tax consequences from either the 1099A or the 1099C.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top