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    #1

    Foreclosure

    of personal residence

    Client received a 1099-A from bank on a foreclosure. No 1099-C was issued.

    Box 2 principal outstanding is 265,000, box 4 FMV is 199,000. Box 5 was borrower personally liable for repayment is marked YES.


    This was the client?s personal residence and is qualified for sec 121 in the amount of 250,000.


    Is there anything that has to be reported???
    Confucius say:
    He who sits on tack is better off.
    Tags: None
    #2
    Schedule D, showing $199K sale price and presumably a non-deductible personal loss on the sale. Warn client that the 1099-C may come later.

    Comment

      #3
      Forclosure

      If this is a personal residence, would a schdule D be necessary. If no 1099-C I'm thinking nothing is reportable. Comments on my thinking would be appreciated.
      Confucius say:
      He who sits on tack is better off.

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