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1099-A for a rental property and taxes NOT 1099-C?
Hello,
I got a 1099-A (NOT 1099-C) for a rental property. Doing some Research I see that we have to use an IRS form 4797 to this. I understand that I can get later get a 1099-C and this could be taxable and I could use a 982 etc etc but that is later.
For now I have a questions regarding the 1099-A
Box 2(principal) - 182000
Box 4(fmv) =69000
box 5 (liable?) =yes
now my cost minus depreciation is 169000, doing the calculation in the 4797 , it shows I have a loss for 100000. that really bumps up my refund from 4k to 8k. It that correct? I know personal homes would have not been tax deductible, but since this was a rental I can deduct the loss.
please help.
Spock,
I think the rental is done on form 4797, Personal propoerty is done on Schedule D.
Thats what I have found.
Unless you had stopped renting it before the year it was foreclosed on, the rental property is reported on form 4797, not schedule D. If you ever used this property for your main home, you must determine what part of the loss occurred before you converted it to rental property--that part of the loss is not deductible.
As for the 1099-A, since you are liable the sales price is the smaller number. Use $69,000 fo fill out form 4797. while it temporarily shows a bigger refund, you need to realize that you are still on the hook for the $113,000 you still owe the lender. If that debt is cancelled, the year you add it to your tax return will be a bump in taxes.
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