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While on the Subject of 1099-C

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    While on the Subject of 1099-C

    I received several 1099-C's today,all code G, except one for a property I had that stated

    " Acquisition or Abandonment of Secured Property".

    Am I responsible to pay income this?? This property was taken from me from the Trustee in a BK that
    was never discharged due to a AP. Am I to be still haunted by this property and have to pay income tax on
    it???

    #2
    Originally posted by faroff View Post
    I received several 1099-C's today,all code G, except one for a property I had that stated

    " Acquisition or Abandonment of Secured Property".

    Am I responsible to pay income this?? This property was taken from me from the Trustee in a BK that
    was never discharged due to a AP. Am I to be still haunted by this property and have to pay income tax on
    it???
    Whoops,sorry. The above mentioned 1099 is a 1099-A.

    Comment


      #3
      A form 1099-A is used to determine whether you had a gain or loss on the disposition of the property. A foreclosure can result in a taxable gain. Here's some info on the IRS website: http://www.irs.gov/taxtopics/tc160.html
      LadyInTheRed is in the black!
      Filed Chap 13 April 2010. Discharged May 2015.
      $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

      Comment


        #4
        G usually means a gain via a government agency, even unemployment insurance. you MUST claim the amount on this years taxes. or do you mean a 1099 C with a code G?
        8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

        Comment


          #5
          Originally posted by tobee43 View Post
          G usually means a gain via a government agency, even unemployment insurance. you MUST claim the amount on this years taxes. or do you mean a 1099 C with a code G?

          It's a 1099-C with a code G.

          Comment


            #6
            Originally posted by faroff View Post
            Whoops,sorry. The above mentioned 1099 is a 1099-A.
            Originally posted by faroff View Post
            It's a 1099-C with a code G.
            ???
            LadyInTheRed is in the black!
            Filed Chap 13 April 2010. Discharged May 2015.
            $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

            Comment


              #7
              Originally posted by LadyInTheRed View Post
              ???

              Hi Lady- Sorry for the confusion. The 1099-A I received "Acquisition or Abandonment of Secured Property" does not have a code.
              I got confused by Tobees post,and I referred to the other 1099's I received that were C's and had a code G.

              Anyway,looking back over this 1099-A the #5 line states "If checked,the borrower was personally liable for repayment of the debt......"
              It has an X in the box so I think I answered my own question, I'm not going to have to pay any income tax on this.

              Sorry for the confusion.

              Comment


                #8
                all i good. right, you aren't you'll be fine didn't mean to confuse you. when you refer to a code G it means something so i was a bit confused myself.
                8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

                Comment


                  #9
                  Question deleted by moderator. broke54, please do not post the same question twice. See your other thread for my response to your question. - LITR
                  Last edited by LadyInTheRed; 02-05-2014, 02:27 PM. Reason: Asked same question as in another thread

                  Comment

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