Discussion:RENTAL PROPERTY - 1099-C AND 1099A
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Discussion Forum Index --> Tax Questions --> RENTAL PROPERTY - 1099-C AND 1099A
Bsembarski (talk|edits) said: | 28 March 2006 |
| NEED ADVISE AS TO HOW TO REPORT THIS. HELP,PLEASE
RENTERS HAD TO BE EVICTED IN 2005 FOR NON-PAYMENT OF RENT, I RECEIVED NO INCOME FOR YEAR 2005. HAD TO LET THE HOME GO BACK TO BANK. FOR YEAR 2005: I RECEIVED A 1099C FOR $1800. DEBT CANCELED I RECEIVED A 1099A FOR BALANCE OUTSTANDING $92000. FMV - 84000. I RECEIVED A 1099-S GROSS PROCEEDS $2500. | |
Bsembarski (talk|edits) said: | 29 March 2006 |
| Sorry I have this wrong, The 1099C was for a personal credit card loan,
RECEIVED A 1099A FOR BALANCE OUTSTANDING $92000. FMV - 84000. I ALSO RECEIVED A 1099-S GROSS PROCEEDS $2500. | |
| 29 March 2006 | |
| You have received no replies to this because your information makes no sense. Did the bank actually sell a property with a stated fair market value of $84,000 for $2,500? | |
Bsembarski (talk|edits) said: | 7 April 2006 |
| Sorry if I confused you, but confised me also.
Client has a rental property, the tenants were evicted and I just let it go. I received $1000. deposit and that was the only rent received in year 2005. I received a 1099-A Balance Box 2 -- $92,483. FMV Box 4 -- $84.000. I also received a 1099-S - for $2,500. proceeds from foreclousure. both having same date. I have looked at Form 4797. I cannot find where these amount are to be listed, have depreciation taken of $7054. Her Basis in property is $86,000. Does this help, or should I relist. | |
| 8 April 2006 | |
| It sounds like there was a second mortgage on the property. If the home was sold through a foreclosure sale in which the second mortgage holder initiated the foreclosure proceedings, then the $2,500 would be treated as part of the sales proceeds. In addition, if the successful bidder took possession of the property subject to the existing first mortgage of $92,483, then the $92,483 would also be treated as part of the sales proceeds. | |
