TP Received 1099A

[photoman]

TP Received 1099A



TP , received 1099a and it says 63,000 box 2 balance of principal outstanding and box 4 says fair market value 83,000
box 5 checked personally liability. No 1099-c. Should I report this anywhere on return or should I just ignore since I believe this would not be a credit of any kind to TP since it was a forclosed home. :Principal residence

Thanks,Ron

[Lion]

Form 1099-A implies a "sale" of the house, whether voluntary or not. Report it like any other sale. Also warn your client they may receive Form 1099-C in some future year and have COD income to report at that time.