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1099-A

  • 1.  1099-A

    Posted 26 days ago
    Need a little help. Have a client stated she had no assets. She owned a home in NY but has lived in Ct. full time for over 5 years. Home on NY was occupied by a family member. She received a 1099-A showing Jan 16 2018 as date of lender acquisition. FMV exceeds $350,000. Outstanding bal of mort $50000. It's obviously not her primary residence and her liabilities do not exceed her asset. So what can we do?


    Alfonso J. Mollica CPA
    Alfonso J. Mollica CPA, P.C.


    Office    (516) 597 - 4991
    Fax       (516) 796 -1585

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  • 2.  RE: 1099-A

    Posted 25 days ago

    Is the mtg bal a typo?

     

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    ROBERT S. BARNETT

     

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  • 3.  RE: 1099-A

    Posted 25 days ago
    No, her debt forgiven is less than the fmv of the house


    Alfonso J. Mollica CPA
    Alfonso J. Mollica CPA, P.C.


    Office    (516) 597 - 4991
    Fax       (516) 796 -1585

    If you are receiving files or tax returns in this email, these have been sent in a manner that we no longer consider safe from a security standpoint and do so only at your request.

    We will not assume any liability for files that you request be sent in this manner. The same is true for all materials you send to us. 

    We provide more secure file transfer via SecureDrawer or fax.

    If you require your username or a password reset, please call.

    This message is intended only for the personal and confidential use of the designated recipient(s) named above. if you are not the intended recipient of this message you are hereby notified that any review, dissemination, distribution or copying of this message is strictly prohibited.