While on the Subject of 1099-C

[faroff]

I received several 1099-C's today,all code G, except one for a property I had that stated

" Acquisition or Abandonment of Secured Property".

Am I responsible to pay income this?? This property was taken from me from the Trustee in a BK that
was never discharged due to a AP. Am I to be still haunted by this property and have to pay income tax on
it???

[faroff]

I received several 1099-C's today,all code G, except one for a property I had that stated

" Acquisition or Abandonment of Secured Property".

Am I responsible to pay income this?? This property was taken from me from the Trustee in a BK that
was never discharged due to a AP. Am I to be still haunted by this property and have to pay income tax on
it???

Whoops,sorry. The above mentioned 1099 is a 1099-A.

[LadyInTheRed]

A form 1099-A is used to determine whether you had a gain or loss on the disposition of the property. A foreclosure can result in a taxable gain. Here's some info on the IRS website: http://www.irs.gov/taxtopics/tc160.html

[tobee43]

G usually means a gain via a government agency, even unemployment insurance. you MUST claim the amount on this years taxes. or do you mean a 1099 C with a code G?

[faroff]

G usually means a gain via a government agency, even unemployment insurance. you MUST claim the amount on this years taxes. or do you mean a 1099 C with a code G?

It's a 1099-C with a code G.

[LadyInTheRed]

Whoops,sorry. The above mentioned 1099 is a 1099-A.

It's a 1099-C with a code G.

???

[faroff]

???

Hi Lady- Sorry for the confusion. The 1099-A I received "Acquisition or Abandonment of Secured Property" does not have a code.
I got confused by Tobees post,and I referred to the other 1099's I received that were C's and had a code G.

Anyway,looking back over this 1099-A the #5 line states "If checked,the borrower was personally liable for repayment of the debt......"
It has an X in the box so I think I answered my own question, I'm not going to have to pay any income tax on this.

Sorry for the confusion.

[tobee43]

all i good. right, you aren't you'll be fine didn't mean to confuse you. when you refer to a code G it means something so i was a bit confused myself.

[broke54]

Question deleted by moderator. broke54, please do not post the same question twice. See your other thread for my response to your question. - LITR