I have one issue/question about my home's foreclosure. I will bring everything to you and can meet you wherever you want. But please please help for free or trade. I am so confused as to this 1099-A, and how to file it in the taxes using HR Block. I've tried to contact HR Block to no avail. I can provide more details in person. I will be checking this thread daily. Thanks Sirputz
Have you googled 1099-A. Many explanations on how to report on Tax return. It is the same as selling your home. You either have a gain or loss. Here is one link: https://www.taxact.com/tsupport/FAQDisplay.asp?Question=878
I have, I've gone thru everything online I can find. Tried we chat with my tax preparers (online file), just can't seem to get the right answers I need. I'm hoping I can avoid having to pay the IRS cause we were hoping to move out and get our own place this year with our return (if any) I have two months to stay here, then I'm on the street.
Is Box 5 (Personally Liable) checked? If so, the difference between Box 2 (Outstanding Amount) and Box 4 (FMV) is taxable income to you. The exclusion from the Debt Relief Act of 2006 ran out in 2012. Most likely, the amount is fully taxable. You can potentially challange the FMV of the property... Ask the lender for a copy of the appraisal or to document how they arrived at the amount. HTH, -R
