RECEIVED A 1099-A
WHERE DO I PUT THIS INFO ON MY TAXES
FILING MYSELF HAVE NO MONEY TO PAY A CPA AND WE ALWAYS OWE SINCE ONLY INCOME IS SELF EMPLOYMENT
WE DID NOT GET A 1099-C
THE AMOUNT OF THE PRINCIPAL BALANCE ON THE LOAN IS SMALLER THAN THE FAIR MARKET VALUE OF THE PROPERTY (OR SO THEY SAY)
DOES THIS MEAN WE HAVE A LOSS CORRECT
SO IT WONT COUNT AS ADDITIONAL INCOME
WE ALWAYS HAVE TO PAY THE IRS BECAUSE HUBBY IS SELF EMPLOYED
I AM JUST HOPING WE DONT OWE EVEN MORE, WE JUST DONT HAVE IT 1|1|Go to IRS website and see Pub 4681|Abbicca|Abbicca@insightbb.com|00:34:37|03/05/2013|
http://www.irs.gov/pub/irs-pdf/p4681.pdf#en_US_2012_publink1000192069
It is not a long pub (26 pages including all the indexes etc). A lot depends on your situation...did you ever roll credit card debt or any other debt into a mortgage refi? And was it lost due to title 11 bankruptcy? Look at the Pub..it has a lot of examples and explains the use of form 982.
2|2|No credit cards ever no bankruptcy |tonyas30|tonyas30@hotmail.com|08:14:13|03/05/2013|
Hoping I read it correctly and reported correctly