1099A but no C

[Possi]

I have a foreclosure 1099A and the balance of the principal outstanding is $286,825. on his personal home.

The FMV is only $174,676.

He is personally liable for the repayment, but they don't seem to be going after him.

There is no 1099C.

Since it is a loss, I put the FMV as the sales price on Sch D, sale of personal home (no loss allowed or taken), and deal with the 1099C when and IF they ever issue one.

Right?

I am so friggin' tired, I can't think!

[Gary]

Worksheet

Use the worksheet in Pub 4681. You need to know the adjusted basis of the property to determine gain or loss from the foreclosure.

[Possi]

Thanks!

I will do that, and I will make a note~ So many of these!

[JON]

It is

not unusal to get the C in a different year than the A. A comes out when they take the house, C comes out when they give up going after the individual.

[AZ-Tax]

1099-A in 2013 and 1099-C in 2014?

not unusal to get the C in a different year than the A. A comes out when they take the house, C comes out when they give up going after the individual.

My client also received a 1099-A regarding a foreclosed rental property but not a 1099-C....yet.