1099-A vs 1099-C

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  • beck
    Member
    • Dec 2005
    • 68
    #1

    1099-A vs 1099-C

    Why would 1099-A list fair market value as 54,000, but 1099-C list fair market value as 25,000?

    This property is not a primary residence, but a mobile home that TP was letting son and wife live in until they could not afford it.

    Anyone else run into this scenario? What did you use to determine cancellation of debt income?

    Thanks for your input.

    Beck
    Tags: None
    • Gary2
      Senior Member
      • Aug 2010
      • 2066
      #2
      If it's the same lender, same loan, same property, and they chose to issue both 1099-A and 1099-C, then they shouldn't have entered anything for FMV on the 1099-C. See the combined instructions for completing the two forms.

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        • beck
          Member
          • Dec 2005
          • 68
          #3
          Yes, it's the same lender, property etc. Have you ever had IRS question using the 1099-A fair market value in assessing cancellation of debt?

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