Trying to delete an error in Miscellance income 1099_A

[judhamdog]

It wont let me

[JohnB5677]

Please clarify what the error is, and what you want to delete.

IRS Form 1099-A reports foreclosure on property. Both you and the IRS get a copy.   This is information needed to complete your tax return.  If it's for personal property, such as a home or a car, you don't need to report it in your return.

There are two parts of the foreclosure process.

There is the cancellation of dept.  You would receive a 1099-C issued by your lending institution for the cancellation of any remaining mortgage balance.

There is also the transfer of the home that is reported on the 1099-A.  The IRS treats a foreclosure  as if you had sold your property. You must calculate your capital gain or loss, but there's no "selling price". 

To post the 1099-C

1. Income & Expenses
2. Scroll down to Less Common Income
3. Select Miscellaneous Income, 1099-A, 1099-C
4. Then select Cancellation of debt (Form 1099-C) or the abandonment and/or acquisition of secured property (Form 1099-A)
5. I received a 1099-C for cancellation of debt on my main home
6. Transaction type – Foreclosure
7. Continue through the interview.

To post a 1099-A

1. Income & Expenses
2. Scroll to Less Common Income
3. Select Miscellaneous Income, 1099-A, 1099-C
4. Then Select Cancellation of debt (Form 1099-C) or the abandonment and/or acquisition of secured property (Form 1099-A)
5. On Tell us about your canceled debt select either
   1. “Have both types of debt” TurboTax interview doesn't support two different types of canceled debt reported on 1099-C. Please consult a professional, or see IRS publications 544 and 4681 before continuing.
      You can get IRS forms and publications by calling 1-800-TAX-FORM (1-800-829-3676) or by visiting the IRS website at www.irs.gov.
   2. or “Have 1099-A” If it's for personal property, such as a home or a car, you don't need to report it in your return. Keep this form for your records in case you get a 1099-C that indicates the debt has actually been forgiven.
      If it's for business or investment related property, such as a rental property or company car, please consult a professional, or see IRS publications 544 and 4681 before continuing.