1099-A recieved for aquicsition of property in 2008.

[OneDay]

1099-A recieved for aquicsition of property in 2008.

Scanned a copy of a 1099-A for someone to see, I really do not want to contact a tax accountant about this. Maybe someone here knows what this is exactly.

Any help is appreciated.

[catleg]

Check page 4 of this document:

http://www.irs.gov/pub/irs-pdf/p544.pdf

You should be able to beat it if the property was either your primary residence or you were insolvent (like a 1099-C for forgiveness of debt)

[OneDay]

So if we need to beat it then it must not be a good thing? What exactly are they looking for? Is the Balance of Pricipal outstanding the difference between what they sold it for and fair market value? Or what?

[StartingOver08]

Read this link, also from the IRS regarding 1099-A's and 1099-C's

http://www.irs.gov/pub/irs-pdf/p4681.pdf

[OneDay]

I do not mean to sound lazy but after reading those links I think I am more confused.