I have a 1099-A. Do I need to report it on my tax return. If so where?

Lender acquired on 1/4/2012.  Box 2 balance of outstanding principal 167,608.02, Box 4 FMV 235,452.86 box 5 is checked.  Where do I report this information- gain or loss?
  • Was this for a personal residence or an investment/rental property?
  • I received one of these, as well. My property was our personal residence.  There are only 2 figures shown on the 1099-A. Balance of Principal, and Fair market value. Is this being sent to me for informational purposes, only? We HAD filed bankruptcy, and the house WAS included.
  • Donna8232 - In your case, yes.  It is for informational purposes. Please see Djay43's answer below.  Thanks.
  • It was a timeshare
  • This was initially our primary, however last several years rental.  I did include this in my bankruptcy
  • it was my personal residence and I had filed bankrupcy in Oct 2011
  • investment property
  • I have the same thing, our property was rental and the FMV was greater than the balance of principle outstanding.  Box 5 is also checked.  How/where can I report this in Turbo tax?
  • My home was a short sale and a 1099A was sent showing I was liable for deficiency.  I thought I did not need to report this since it happened in 2012, but am I correct?  If I need to report this, how do I do so?  Thank you.
  • yes
  • Personal resident
  • If you have a question you will have to ask it in the space provided for questions and not as a comment on another person's question.
  • personal residence
If you do not make payments due on a loan secured by property, your lender may foreclose on your mortgage or repossess the property. Lenders could send a Form 1099-A, Acquisition or Abandonment of Secured Property, or Form 1099-C, Cancellation of Debt, or both. If you received a 1099-A because you have abandoned personal property, such as 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.

IMPORTANT: If you received a 1099-A for a business- or investment-related property, such as a rental property or company car, please consult a professional or IRS Publication 544 Sales and Other Disposition of Assets and IRS Publication 4681 Canceled Debts, Foreclosures, Repossessions and Abandonments before continuing.

On Form 1099-A, the lender reports the amount of the debt owed (principal only) and the fair market value of the secured property. You, the debtor, use these values to determine a gain or loss on the disposition of the property. On Form 1099-C, the lender reports the amount of the canceled debt. If the lender's acquisition of an interest in the secured property (or the debtor's abandonment of the property) and the cancellation of the debt occur in the same calendar year, the lender may issue a Form 1099-C only. See Topic 431for additional information on Form 1099-C.

  • So now what...we have a 1099-A and it is for an investment-related property, a rental, above you say to consult a professional, but what does that mean?  What do we have left to do, do we report it on our taxes or not?  What is left to discuss?  Thanks
If I got a form 1099A will i still get aform 1099C? how will i know?
  • taffysandy - The only way to know "for sure" is to contact the lender.
If you used the home as a primary residence and rented it out, the interview for Sale of Home will ask about other uses for the property.  Just make sure to follow the screens carefully. 

Also, if the home was included in a bankruptcy, that will only include debt that was on the property.  If you received a 1099-C that is a separate issue from rental use. (seeDjay43's response above).  The "sale" or disposition of a home also used as a rental may have depreciation recovery that needs to be accounted for in your reporting. 

To enter a 1099-C into Turbo Tax:

  • Federal Taxes Tab
  • Wages & Income
  • Explore On My Own
  • scroll down to Less Common Income
  • then, Miscellaneous Income, 1099-A, 1099-C
To report a sale of home in TurboTax:
  • Federal Taxes Tab
  • Wages & Income
  • Explore On My Own
  • scroll down to Less Common Income
  • then, Sale of Home (gain or loss)
Do not report the 1099-A information in both places.

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