Discussion:1099 A
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Discussion Forum Index --> Advanced Tax Questions --> 1099 A
Discussion Forum Index --> Tax Questions --> 1099 A
| 1 February 2008 | |
| I am doing taxes for a friend that gave me a 1099 A, he sold his homestead as an owner finance and the couple abandoned the home and left him holding the house. He could not afford to keep the payment on the home and it is now being forclosed, this being said, does he have to file bankruptcy? He lives off a meager income for retirement and has one dependant (his wife) that passed this year. I am afraid that his return will be taken from him when I file. Does this happen? Any help (in laymans terms) will be greatly appreciated. The amounts are low, box 2 46,594 and box 4 is 60,000 is there an exclusion for such a small amount? Any thought would be great.
Shan | |
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