Tax Form 1099-A & 1099-C

[kissrawks]

I was discharged on 1/24/06 after filing 10/6/05, meeting 11/17/05, etc... I had a home foreclosed on 2/17/05. I just got a 1099-A, Acquisition or Abandonment of Secured Property form today and can't seem to figure out what to do with it or the 1099-C that is always mentioned with it when I try to figure out what the deal is. Is there something on my tax return that I put this information?

Thanks

[Jenny]

The IRS's web site has instructions for what to do with this.

http://www.irs.gov/instructions/i1099ac/index.html

[kissrawks]

Do I have to do anything with this or anything else due to the bankruptcy with my taxes?

[bkfiler]

im not sure myself. but here are some ideas in thet meantime while you are waiting for any asnwers...

1-use the search function to find 1099 on this board.
2-go post the tax question on the tax board on this site - a poster named 'taxagent' will answer you sooner or later. he is the only decent attorney at that site that will give help. the rest of them suck my eggs-n-bacon in terms of actual real help most often.

http://community.lawyers.com/messageboards/list.asp

look in the tax help category in the taxation category at the bottom of the list.

3 - call the IRS directly and see what they say 1-800-???-1040

4 - search web for 1099 bankruptcy and tax maybe

let us know what the answer is.

[JimH]

Was this an investment property? Whenever a foreclosure happens due to bk, the bank is only required to report it if it was an investment property. Some may report it irregardless just to be safe.

Also, there should be a check box for debt cancelled in bk. Is that checked? If so, you have to do nothing with these forms - file your taxes as normal.

BTW, I'm not a CPA so don't rely 100% on my advice. Talk to a tax preparer or research it more yourself.

[kissrawks]

No, it wasn't an investment property and the only box checked is "Was borrower personally liable for repayment of the debt?" It was checked "yes."