Do I have to file this form if I filed bankruptcy?
wintertaz asked:
We filed bankruptcy last feb. and we had a house and we gave it back to the bank we never made a payment on it at all last yr. and now we got a 1099-A form it says Acquisition or Abandonment of Secured Property. Just woundering if we would have to file it with our taxes. and if we would have to pay in. Just woundering if any one else had this kinda form.
We filed bankruptcy last feb. and we had a house and we gave it back to the bank we never made a payment on it at all last yr. and now we got a 1099-A form it says Acquisition or Abandonment of Secured Property. Just woundering if we would have to file it with our taxes. and if we would have to pay in. Just woundering if any one else had this kinda form.
You may have income from forgiveness of debt.
From:
You may have reportable income or loss because of such acquisition or abandonment. Gain or loss from an acquisition generally is measured by the difference between your adjusted basis in the property and the amount of your debt canceled in exchange for the property,
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