1099 A

[headly]

Can anyone tell me where in the TaxBook I can find the info / worksheet on how to calculate the loss/gain. Do you use only the FMV and loan balance from the 1099A? Or, do you actually use adjusted basis? This is for a residence (non-business).

In other pub's I read, one said to use the "higher" of the two numbers and the other said to use the "lower" of the two numbers.

Yesterday I received my first one and today another client with a 1099A.

Case 1: FMV higher than loan balance - has been thru bankrupty court
Case 2: FMV lower than loan balance - has not been relieved (plans to file)

Both responsible for debt.

Thanks for any help or pointers you can give me.

[Bird Legs]

1099a

Are you sure these amounts will be taxable? Maybe the clients were insolvent at that
time. Look at form 982 to determine insolvency.
Also, try going to Google for a Google search. Type in: 1099A taxable or non taxable.

[linda]

1099a

If the client filed bankruptcy, these amounts should not be taxable.

[S T]

1099A and 1099C

Oh dear the 1099A and 1099C revisited. Hope they have seminars again, as I can not find my old worksheets.

Maybe TaxBook Editors can post one in Pdf form and what the rules are.

S

[Bees Knees]

Income from discharge of indebtedness, foresclosures and repossessions, and repossession of real property are all covered on pages 14-8 and 14-9. No worksheets, but alot of good examples to follow.

[headly]

1099A Thanks

Bees Knees
Thanks!