1099-A IRS from Box 5 marked No?

Question

We recently had to do a shortsale of our home which
was under a VA Laon with a 56000.00 GIF
The box 5 is marked No, so does this mean
we do not have to claim this as income, since
this was more than likely covered by the VA gif loan?

Answer 1

Any method you use to file your taxes, with the exception of hand writing a paper copy, will ask you to fill in the entire form. The CPA, Tax preparer or boxed software will be able to explain to you how the 1099-A will affect your return. Each return will be affected differently. If you are filling out a paper form, I stronly recommend you move to another option. Good Luck.