Form 1099 A Tax Implication

[jkeith]

What are the tax implications for an individual who receives a Form 1099-A?

[Lion]

He "sold" the house, item, whatever was abandoned or foreclosed upon or.... As the tax preparer, you are reporting a sale.

You also want to inquire if he still owes money, a mortgage, that has been or might be forgiven and create COD income to him in a later year, or if he has already received Form 1099-C.

[mastertaxguy]

form 1099A

What are the tax implications for an individual who receives a Form 1099-A?

1. See TTB p. 14-14, RIGHT COLUMN, for a general discussion.
2. On this forum there have been at least two other posts about form 1099-A and the contents of which likely will be helpful. Those are conveniently listed by the moderators as one scrolls down.