Credit card interest
Auto loan interest (auto was paid for by a home equity loan on residence)
Auto insurance
CPA for preperation of last year's taxes
Safety deposit box for ...
I am married, my wife stays home (and has all of 2006) with our only child....I think that is the prime example of H.O.H....but I am not sure. How will I benefit and how should I be filling out my W-...
ok, so the last 2 numbers of my soc, are 11, and still no stimulus payment. I filed with turbo tax, paid the fees on my credit card, and got direct deposit back in february. Where is my money!!! ...
I am having my baby in January and I was wondering would i be able to get child tax credit for him since he wasn't born this year in 2008 and I'm gonna be filing taxes for 2008 would he ...
I'm currently on a situation were 4-5 years ago i tried to apply for a house. the lady that submitted all the paper work. created a false W-2 saying that for a single year i made over 50,000.00 ...
has anyone got theres yet. i thought they where spose to come out friday. i havent seen mine but national citys online banking sucks. Additional Details sorry ya i am independent. and ...
How do i stop my ex from claiming my son on his taxes, i have a court order that said i get to claim my son, but my ex said he was going to claim my son away....
I was wondering what was better. Separate or joint filing?? Hears whats happened this year. We bought a car so we are both on the loan. We are renting an apartment currently. i have had 3 jobs but ...
My father said that anything 4,000 and above is a write off but we both think it would be beneficial to everyone if they made even prescription, routine exams and other small medical related things ...
indygurl3
Received a Form 1099A - Do I have to do anything with it?
Last year I lost my house due to extended unemployment, the home was foreclosed on in April 2006. I just received a Form 1099A and have tried looking on the IRS site, but no luck. Do I need to report any of this information on my taxes, or just keep it. The amount owed was greater than the Fair Market Value of the property, I was at the residence less than two full years.
Discuss with your tax advisor or the person who does your taxes. I think you have to claim the difference on your taxes as income. Is this the 1099 or 1099A for mortgage interest or for the difference in what the house was sold for at the sheriff sale and what you owed on the property? The difference has to be reported on your taxes as income. If you owed 100 on the house and it was sold for 80 at the sheriff sale, you are still liable for the 20 dollars difference in the balance of the mortgage that the bank did not receive on the sale. It can be looked at as income and might appear on your credit as a foreclosure that you still owe 20 dollars on. (hypothetically)
hunter2
That 1099 is just the banks trying to write off their losses.
Don't worry about it. Give it to your tax preparer, they will know what to do with it. If they don't get one who does.
If you lost your house in foreclosure the bank isn't getting any more money from you.
Jen
this is what the 1099a is for
"Cancellation of debt. If property that is
repossessed or foreclosed on secures a debt for
which you are personally liable (recourse debt),
you generally must report as ordinary income
the amount by which the canceled debt is more
than the fair market value of the property. This
income is separate from any gain or loss realized
from the foreclosure or repossession."
You also may realize ordinary income from cancellation of debt if the loan balance is more than the fair market value of the property.
take it to a tax pro and see what he can do
Don E
Yes, report it when you do your taxes.
sook_me_wood4
call the irs or ask your accountant
Margaret R
MY MOM IS A TAX PREPARER AND I HAVE NOT LAERNED ALL OF THIS YET BUT I THINK THAT YO U HAVE TO REPORT THAT THAT FORM ON YOUR TAXES THE IRS SENT THAT FORM TO YOU .
Big Sista
Had you list what 1099A is I might be able to help. 1099 R in unearned income (interest).
Try www.irs.gov.
Heart is my Art
This is just as important as a W-2. Make sure you take this with you when you file your taxes this year.
Homepage 
Financial
Forum 
Taxes 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
