Comments on: Do I have to claim 1099-A and 1099-C on my taxes? http://www.hopefromdebt.com/uncategorized/do-i-have-to-claim-1099-a-and-1099-c-on-my-taxes There is hope for people with debt issues Wed, 10 Mar 2010 07:19:09 +0000 http://wordpress.org/?v=2.7 hourly 1 By: Wayne Z http://www.hopefromdebt.com/uncategorized/do-i-have-to-claim-1099-a-and-1099-c-on-my-taxes/comment-page-1#comment-457 Wayne Z Thu, 09 Jul 2009 12:58:59 +0000 http://www.hopefromdebt.com/1099-c/do-i-have-to-claim-1099-a-and-1099-c-on-my-taxes#comment-457 How long did you live in the home? The 1099A is treated as if you sold the home at the fair market value amount. If you lived in the home under 2 years and the FMV is more than you paid for it, you have a taxable gain. If it is less, you do not have a loss as it is considered personal. The 1099C is for forgiveness of debt. Debt forgiven is considered other income (Line 21) unless you were bankrupt or insolvent at the time. See form 982.<br><b>References : </b><br> How long did you live in the home?

The 1099A is treated as if you sold the home at the fair market value amount. If you lived in the home under 2 years and the FMV is more than you paid for it, you have a taxable gain. If it is less, you do not have a loss as it is considered personal.

The 1099C is for forgiveness of debt. Debt forgiven is considered other income (Line 21) unless you were bankrupt or insolvent at the time. See form 982.
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]]> By: utterlyagog http://www.hopefromdebt.com/uncategorized/do-i-have-to-claim-1099-a-and-1099-c-on-my-taxes/comment-page-1#comment-456 utterlyagog Thu, 09 Jul 2009 12:36:59 +0000 http://www.hopefromdebt.com/1099-c/do-i-have-to-claim-1099-a-and-1099-c-on-my-taxes#comment-456 home interest and taxes (first AND second mortgages) are DEDUCTIONS from Tax liability. You definitly want to claim this interest or you'll owe the IRS a pant load of money. Maybe I misunderstand the question, but home mortgage interests and taxes are about the best deduction aviailable. And you need to contact the 2nd lein holder for a statment or get his EIN number and all the data you need. But, you should report it. Also, you are running out of time. If you don't get all docs by 4/16, file a request for extention with the IRS. It's easy to do.<br><b>References : </b><br> home interest and taxes (first AND second mortgages) are DEDUCTIONS from Tax liability. You definitly want to claim this interest or you’ll owe the IRS a pant load of money.

Maybe I misunderstand the question, but home mortgage interests and taxes are about the best deduction aviailable.

And you need to contact the 2nd lein holder for a statment or get his EIN number and all the data you need. But, you should report it.

Also, you are running out of time. If you don’t get all docs by 4/16, file a request for extention with the IRS. It’s easy to do.
References :

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