Client received a 1099-A for 2011. Is it probable client may also receive a 1099-C on same debt still for 2011 or 2012? One of my other clients recieved a 1099-C for 2010 with a cover letter dated Jan 2012 for credi card cancellation of debt so no 1099-A preceeded.
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#1 client: It is possible to still get a 1099C. But if the debt is already cancelled your client needs to find that out- then file the year it happened. But they can wait (sometimes up to 3 years) to actually cancel the debt. They may think they can get the money or it looks better on their books to not cancel now.Originally posted by AZ-Tax View Post
#2 client: That seems strange to me to back date it.JG -
Don't think "back date." Think "late filed." If individuals can file their 2009 tax returns two years late, why can't lenders file the 1099-A/Cs two years late?Originally posted by JG EA View Post
Sadly, it happens way too often.Comment
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My client received a 1099A on a rental property that was abandoned. It was sold by the bank, so I reported the short sale resulting in a big loss for the client. No 1099 was received. I told her to save the refund . She will definitely need it when the 1099C arrives.Everybody should pay his income tax with a smile. I tried it, but they wanted cashComment
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Brian, how did you obtain a short sale price from a 1099-A?
Brian, what did you use for the asset "sales price" since it was a 1099-A? Box 4 FMV?Originally posted by Brian EA View PostComment
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It was short sale and the selling price was on the 1099A.Originally posted by AZ-Tax View PostEverybody should pay his income tax with a smile. I tried it, but they wanted cashComment
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