Discussion:1099-a Investment Property
From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.
From TaxAlmanac
Discussion Forum Index --> Tax Questions --> 1099-a Investment Property
| 18 February 2008 | |
| My client got 1099-A for his investment property (foreclosure)
The property has been depreciated over two years. Do I have to file specific forms? | |
| 18 February 2008 | |
| Additional information: Balance $51K and FMV 49K. the borrower was personally liable (check mark yes). | |
Www.cpa1.biz (talk|edits) said: | 2 April 2009 |
| I am touching base on this subject again. If a person owns a rental property and later gets a 1099-A. Do I show a sale price of 0 and the total adjusted basis as a 1231 loss? Or do I use the FMV on the 1099-A and have that as the sales price.
Please keep me informed. This is for a rental property. | |
| April 2, 2009 | |
| Pages 4 and 5: | |
| 2 April 2009 | |
| The only reason that I can think of that you would ever show $0 as the sales price would be if 1) there was no mortgage outstanding (how'd it get foreclosed!?) or 2) the FMV is $0 (erm...)
There is a worksheet in Publication 4681 (table 1-1) that can walk you through the actual calculation to determine the sell price. | |
To join in on this discussion, you must first
log in.
