573676
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes - One Big Beautiful Bill on Aug 6! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

laurenh26
New Member

WE LOST OUR HOUSE DUE TO FORCLOUSER BECAUSE OF LOSING MY JOB & TRYING TO FIND ANOTHER. BECAUSE I LOST THE HOUSE DOES THAT CHANGE OUR TAXES

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
MargaretL
Expert Alumni

WE LOST OUR HOUSE DUE TO FORCLOUSER BECAUSE OF LOSING MY JOB & TRYING TO FIND ANOTHER. BECAUSE I LOST THE HOUSE DOES THAT CHANGE OUR TAXES

Not necessarily.  You don't really report the foreclosure of your home on your federal return because the residence is usually "sold" at a loss, and losses are not allowed.  It therefore doesn't change your taxes at this point.  You may receive form 1099-A, which is not reported but should be kept for your records.  However, later on (2017 or later year(s)) you may receive form 1099-C from the lender for the cancellation of the debt. That form would have to be reported on your tax return, possibly changing your taxes based on the tax law for that year.  

View solution in original post

1 Reply
MargaretL
Expert Alumni

WE LOST OUR HOUSE DUE TO FORCLOUSER BECAUSE OF LOSING MY JOB & TRYING TO FIND ANOTHER. BECAUSE I LOST THE HOUSE DOES THAT CHANGE OUR TAXES

Not necessarily.  You don't really report the foreclosure of your home on your federal return because the residence is usually "sold" at a loss, and losses are not allowed.  It therefore doesn't change your taxes at this point.  You may receive form 1099-A, which is not reported but should be kept for your records.  However, later on (2017 or later year(s)) you may receive form 1099-C from the lender for the cancellation of the debt. That form would have to be reported on your tax return, possibly changing your taxes based on the tax law for that year.  

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question