With only the 1099-A, and no 1099-C, you do not have
income to report. However, please keep if for your records.
Foreclosures may still result in taxable income.
You have already received Form 1099-A which reports
foreclosure date, Fair Market Value of the property and the outstanding loan
balance.
If the lender forecloses and cancels your debt in the
same year, you most likely receive only form 1099-C, which will report how much
debt was cancelled. That form will have to be reported on your tax return. It
is possible that the form 1099-C will be issued in the next year or so... it
will have to be reported in the year the form indicates.
