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My home was foreclosed on in 2022, but I did not receive form 1099-C. How can I complete my taxes?

Forum|Forum|3 years ago
April 19, 2023
1 reply
19 views

I did receive a reconciliation of expenses from the attorney handling the foreclosure. Is that enough to complete my taxes?

TurboTax Deluxe Online

Best answer by JamesG1

The reconciliation may be all that you receive.

You report gain or loss from a foreclosure in the same way as a gain or loss from an ordinary sale.

IRS Publication 4681 page 12 states:

Borrower's gain or loss

You figure and report gain or loss from a foreclosure or repossession in the same way as gain or loss from a sale. The gain is the difference between the amount realized and your adjusted basis in the transferred property (amount realized minus adjusted basis). The loss is the difference between your adjusted basis in the transferred property and the amount realized (adjusted basis minus amount realized).

Level 15

The reconciliation may be all that you receive.

You report gain or loss from a foreclosure in the same way as a gain or loss from an ordinary sale.

IRS Publication 4681 page 12 states:

Borrower's gain or loss

You figure and report gain or loss from a foreclosure or repossession in the same way as gain or loss from a sale. The gain is the difference between the amount realized and your adjusted basis in the transferred property (amount realized minus adjusted basis). The loss is the difference between your adjusted basis in the transferred property and the amount realized (adjusted basis minus amount realized).

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