when filing your tax return, where do you report form 1099-a?

Answer 1

Just backing up matthew and Bostonia. I'll admit up front that I am a tax profesional, but many times I advise people to do things themselves. In this case, you need to see a tax pro. If you were insolvent at the time of the abandonment of your property, you may owe no tax. In this case, there is an additional form to prepare to show insolvency. If you were solvent, you will owe tax at your tax rate on the 'income' shown.
I have also seen people get both a 1099A, and a 1099C (cancellation of debt) on the same property. Be careful that you don't tax yourself twice on the same thing.
About seeing a tax professional: Make an appointment with a specific person. Talk to that person when you make the appointment, and ask them if they are qualified to handle the 1099A, and how many they have dealt with. I typically see 3-4 per year, though that is increasing. Finally, ask for advice on lowering your taxes, like what would happen if you put money in an IRA or retirement, and what to look forward to in the next year if there are changes in your life. Make sure you get your money's worth!

Answer 2

Generally, you receive Form 1099-A, Acquisition or Abandonment of Secured Property, from your lender. This form will have the information you need to determine the amount of your gain or loss and any ordinary income from cancellation of debt.
You report profit and loss from the sale. You can exclude up to $250,000 of the gain on the sale of your main home if all of the following are true.
* You meet the ownership test.
* You meet the use test.
* During the 2-year period ending on the date of the sale, you did not exclude gain from the sale of another home.

If your debt is canceled, you may receive Form 1099-C, Cancellation of Debt. It is to be reported on Form 1040 line 21.

Answer 3

You know the warning about not attempting this at home. If you have a 1099A or a 1099C you should consult a tax professional that has experience with those type of issues. Your tax could be from zero to thousands depending on the circumstances. To directly answer your question the "income" calculated from a 1099A goes to line 21.

Answer 4

Form 1040, Line 21. However with this type of item you should probably consult with an expert as it MAY be possible to avoid any tax on abandonment of property if you are insolvent at the time of the abandonment.

Answer 5

a million. you're able to record the return. do no longer circumvent this. 2. verify your submitting prestige. you're based. If anyone can declare you based, then you definately don't get your individual exemption. 3. usually this could be self employment income, it is situation to SE taxes at 15.3%. (yet may well be ninasgramma has astounding documents approximately scientific learn participation income. if so, regardless of in case you do no longer could pay SE taxes and you haven't any federal tax or state tax due, you're able to record the return to exhibit your place.) 4. you pays federal tax in the experience that your income is better than $5,350 (for single based) or $8,750 (single nondependent). 5. Then there may well be State tax based upon your state.

Answer 6

1099-a can only be reported on the long form where all income is detailed. The short form or EZ forms dont' handle 1099.