1099A
LacerteI have several clients this year who have received 1099A but not 1099C yet. I think I know but just wanted to confirm that there are not filing requirements when receivnig a 1099a only
1
11
atYFiWtkqr4izzacwZ5xHE
jrjames
Questions asked: 4
Questions answered: 229
Points earned: 667
Questions answered: 229
Points earned: 667
Advanced Certified ProAdvisor
These ProAdvisors have successfully completed extended training, distinguishing themselves as highly proficient QuickBooks experts.
ProAdvisor
Members of the QuickBooks ProAdvisor Program
03/12/11 4:30am PST
Viewed by asker 03/12/11 9:03am PST
Viewed by asker 03/12/11 9:03am PST
4 Replies
03/12/11 6:05am PST
The 1099C may or may not come in the same year. You can not ignore the 1099A. The 1099A indicates a sale and the IRS matching program will flag your client without showing the sale on Sch D or 4797.
03/12/11 7:08am PST
Thanks for your answer but I am a little confused. filed. The properties have not been sold only abandoned. So what needs to be reported this year in absence of a 1099C
03/12/11 7:44am PST
The solution
In the eyes of the IRS the abandonment IS a sale. You need to report. The cancellation of debt (1099C) is the remainder of debt not yet actually written off the lender's books. It could take a couple of years for that to happen. If the abandonment and cancellation fall in the same year often the 1099A is not issued and the net debt forgiven is on the C.
