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1099A - did a deed in lieu of foreclosure with wyndham

lwcgrad08

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Does anyone know how to file a 1099A? Box 2 is smaller than box 4 and box 5 is checked....
 

SmithOp

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Conan

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Saintsfanfl

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Stay tuned for a 1099-C if you had a loan associated with it.

A 1099-A should only happen if there is a loan, and maintenance fees do not count. If they were forgiving the loan they should have just done an 1099-C, but they may send both.

If they forgive the loan in 2015 then the 1099-C may come later.

I would have a professional prepare your return or at least seek professional guidance. I would be careful on using a non-CPA tax service which usually has very little knowledge.
 
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lwcgrad08

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I still haven't gotten my taxes filed yet because of so many cpas and tax people telling me different things... I allowed other people to use it, but never charged a penny for it... just didn't want to lose the points or pay the RCI fees...

I did have a loan and still owed like 36k on it....
 

lwcgrad08

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I am thinking tomorrow I will make a trip to the CPA and let them do my taxes... I am so unsure about this one little piece it scares me
 

bogey21

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I suggest you have an accountant prepare your 2014 returns, and to save time you should show them the material linked above.

I hate paying lawyers and accountants. If I couldn't figure out how to do this on TurboTax or HRBlock, what I would do depends on the amounts and otherwise complexity of my Return. If the other items I had to report to the IRS were relatively small and had no chance to subjecting me to an audit and if the amount on the 1099A was small, I would ignore it figuring that the worst thing that could happen is that the IRS would tell me what I owe, if anything, a couple of years down the road. If the amount is large and/or the other things on my Return make me nervous, I would bite the bullet and see a CPA.

George
 
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Jason245

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I hate paying lawyers and accountants. If I couldn't figure out how to do this on TurboTax or HRBlock, what I would do depends on the amounts and otherwise complexity of my Return. If the other items I had to report to the IRS were relatively small and had no chance to subject me to an audit and if the amount on the 1099A was small, I would ignore it figuring that the worst thing that could happen is that the IRS would tell me what I owe, if anything, a couple of years down the road. If the amount is large and/or the other things on my Return make me nervous, I would bite the bullet and see a CPA.

George

The advantage of a CPA doing your return is that if it is wrong and you are found liable, that is your defense against criminal charges. It also helps your case on the civil side.

Just ask the first guy who won survivor.
 
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