Foreclosure, BK and 1099c

[mzbunny26]

Hello all!

I haven't been here for a while. This year has been sooooo much better than last year. Filed for BK in April 2011, house foreclosed in Aug. 2011 and then sold on my birthday in Sept. 2011. What a present! I'm living in an OK townhome and life is great.

Now for my question...

My tax consultant asked if I had received a 1099c statement about the foreclosure. I have not received a statement yet and I'm getting concerned. I'm not sure who to contact about this or what to do. My tax consultant said that he could still go through with submitting our tax info without it but it could still come up now or even next year. I wish I understood that timing of these things. Makes me crazy!

Thanks! Bunny

[BobMango]

I had a house foreclosed (2009) before filing, never received a 1099 on it. Hasn't been an issue so far.

[mzbunny26]

Thank you BobMango!!

[tobee43]

usually the 1099 C's are for the credit card companies. most time one rec's a 1099 A for the mortgage and they are normally issued, if at all AFTER the sale of the property by the bank. they would indicate the loss the bank incurred.

[catlady]

I have a related question. Mortgages on two rental properties were discharged, Ch 7, in 2010. Both properties were short sold in 2011. I received a 1099C from one of the banks, but not from the other (uber-evil Bank of America). Can I go ahead and file my 2011 taxes without the 1099C from Bank of America? It looks like I actually have a refund due to me and I want to get my taxes filed asap!

[tobee43]

I have a related question. Mortgages on two rental properties were discharged, Ch 7, in 2010. Both properties were short sold in 2011. I received a 1099C from one of the banks, but not from the other (uber-evil Bank of America). Can I go ahead and file my 2011 taxes without the 1099C from Bank of America? It looks like I actually have a refund due to me and I want to get my taxes filed asap!

i would file, they may not send a 1099C, sometimes you never get one at all. i would go ahead a file. maybe they didn't have a loss on the other property if/when it resold?

[catlady]

Thanks, tobee43! I'm almost done with my taxes via Turbotax... will see if I can get them done without seeing an accountant.

[tobee43]

yes, remember you can always file an amended return. just get them in and you are ok anyway, because if the do send you an 1099C just attach the necessary backup and you will be fine.