topic Mortgage in Retirement tax questions

Received a 1099-c from 2017. The amount in box 7 is $0.00. What does that mean?

migyrls2620 — Sat, 01 Jun 2019 14:44:01 GMT

What type of debt did not receive this for?

JulieR — Sat, 01 Jun 2019 14:44:12 GMT

What type of debt did not receive this for?

Mortgage

migyrls2620 — Sat, 01 Jun 2019 14:44:14 GMT

Mortgage

My tax preparer has never in her 25 seasons of employment...

migyrls2620 — Sat, 01 Jun 2019 14:44:22 GMT

My tax preparer has never in her 25 seasons of employment seen box 7 be $0.00. Not sure what to make of it

In the "Instructions for Debtor" related to Box 7 it says...

JulieR — Sat, 01 Jun 2019 14:45:28 GMT

In the "Instructions for Debtor" related to Box 7 it says: If, in the same calendar year, a foreclosure or abandonment of property occurred in connection with the cancellation of the debt, the fair market value (FMV) of the property will be shown (in box 7), or you will receive a separate Form 1099-A.

Generally, the gross foreclosure bid price is considered to be the Fair Market Value. For an abandonment or voluntary conveyance in lieu of foreclosure, the FMV is generally the appraised value of the property. You may have income or loss because of the acquisition or abandonment.

I hope this information is helpful.