1099-a

[angles013]

Idaho bankrupcty and Current Utah Resident
I recieved a 1099-A for the home I filed bankruptcy on. The bankruptcy was completed in June 2004.
I am not sure what to do with the form and my taxes. Does everything fall under non tax-able because You are insolvent or bankrupt ?
The Principal outstanding was $61624.62 and the Fair Market Value was$79,900. Is this a gain or a loss?
Do I even need to include this information on my tax returns and if so where?
Thank You
angles013

 

[AttorneyOney]

You might want to check out IRS form 982 "Reduction of Tax Attributes Due to Discharge of Indebtedness".

 

[angles013]

State Idaho
This bankruptcy was a chapter 13 non business. It was for my personal home.
I have not found anything about personal bankruptcies and 1099-a. I looked at the forms above and still feel that it doesn't apply to my taxes. Let me know if there is anything else I can look at.
Angles013