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I didn't sell my house it was forclosed but I haven't received any forms. I don't have any selling expenses or the lender forclosure amount. how do I get that?

 
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MiriamF
Intuit Alumni

I didn't sell my house it was forclosed but I haven't received any forms. I don't have any selling expenses or the lender forclosure amount. how do I get that?

You can contact the lender to find out if and when he plans to mail a 1099-C.

A home foreclosure is treated as a sale. If there is a gain, you may have to pay tax on the difference between the amount of debt forgiven and the fair market value of the house. (If the FMV is greater than the debt that was forgiven, then you have a loss.)

The rules for a nonrecourse loan - a loan for which your other assets are not at risk, only the property that was secured by the loan - state that you don't owe tax on a 1099-C debt unless there was a gain on sale. These rules are explained by this IRS article on home foreclosure.

If this foreclosure resulted in a net loss for you, there will probably be no tax consequences.

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