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Diane Kennedy's US Tax Aid

Form 1099-A From Dumping Bad Real Estate

form 1099aThe real estate downturn is still affecting taxpayers. If you lose or turn back a property, you’ll get a Form 1099-A.  This may be all you get if the fair market value (FMV) covers the debt you owe, if you clearly qualify for a tax exemption (bankruptcy or principal residence) or if the lender just decides to not give any more documentation. If you’ve gotten a Form 1099-A and wondering what happened to a Form 1099-C, you can try to get more information from the lender. But usually the lenders...