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kymburlya
New Member

I do not have a 1098 for my house. It was foreclosed on in October of 2021. Where and how to I put that?

 
2 Replies

I do not have a 1098 for my house. It was foreclosed on in October of 2021. Where and how to I put that?

If you no longer owned the property at any time in 2022 there is nothing for you to enter on 2022 tax return for the property.

I do not have a 1098 for my house. It was foreclosed on in October of 2021. Where and how to I put that?

A 1098 reports interest and property taxes.  If the home was foreclosed, you probably did not pay interest or property taxes so you have nothing to enter here.  

 

In some cases, if the home was not sold until 2022, you might be deemed to have paid property taxes, but only if you received sales proceeds.  For example, suppose you had a $100,000 mortgage that you could not pay, and the bank sold the home in March 2022 for $110,000.  They should have paid you the $10,000 difference (minus some fees, probably).  If the home had outstanding property taxes, they probably were paid from the sales proceeds, meaning you actually paid them.  In other words, if the proceeds were $110,000, and you only received $5000, because there was a $100,000 mortgage to pay off and $5000 of taxes, then you paid the taxes from your proceeds.  But you will have to review your documents very carefully to see if this is really the case. 

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