topic I received a 1099A that shows my foreclosed home valued $7500 more than what I owed. Am I entitled to the difference? in After you file

I received a 1099A that shows my foreclosed home valued $7500 more than what I owed. Am I entitled to the difference?

lazzaro38 — Mon, 07 Oct 2019 17:47:25 GMT

Re: I received a 1099A that shows my foreclosed home valued $7500 more than what I owed. Am I entitled to the difference?

Critter — Mon, 07 Oct 2019 18:21:57 GMT

LOL ... that is just an informational form ... you will only use it if you also get a form 1099-C later.

Re: I received a 1099A that shows my foreclosed home valued $7500 more than what I owed. Am I entitled to the difference?

Critter — Mon, 07 Oct 2019 18:27:29 GMT

LOL ... that is just an informational form ... you will only use it if you also get a form 1099-C later.

If you have any questions about the home sale contact the bank.

Re: I received a 1099A that shows my foreclosed home valued $7500 more than what I owed. Am I entitled to the difference?

Anonymous — Mon, 07 Oct 2019 19:38:26 GMT

your asking a legal question which can not be answered on this income tax forum.

Re: I received a 1099A that shows my foreclosed home valued $7500 more than what I owed. Am I entitled to the difference?

lazzaro38 — Mon, 07 Oct 2019 20:23:19 GMT

Not funny. Tried for three years to sell the house. Lost thousands in home improvements only to have to sign it away. I hope you are never put in that situation.

Re: I received a 1099A that shows my foreclosed home valued $7500 more than what I owed. Am I entitled to the difference?

lazzaro38 — Mon, 07 Oct 2019 20:24:37 GMT

Could we claim it as a loss on our taxes? It was our primary residence