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The 1099-A does not create a taxable event. This form notifies the IRS of a foreclosure or a property abandonment. If and when the bank cancels the remaining debt on the mortgage, you should receive a Form 1099-C. This is forgiveness of debt income and is taxable.
This answer from a prior year, provides an additional excellent explanation. https://ttlc.intuit.com/questions/2068162-i-received-a-1099-a-acquisition-form-i-lost-my-home-to-for...
The 1099-A does not create a taxable event. This form notifies the IRS of a foreclosure or a property abandonment. If and when the bank cancels the remaining debt on the mortgage, you should receive a Form 1099-C. This is forgiveness of debt income and is taxable.
This answer from a prior year, provides an additional excellent explanation. https://ttlc.intuit.com/questions/2068162-i-received-a-1099-a-acquisition-form-i-lost-my-home-to-for...
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