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2 Answers

Form 1099-A on Turbotax….?

Asked by: kcomment 1316 views YA Discussion

Got a form 1099-A form this year from my forclosure. Will Turbotax ask me for that info and how will it affect a refund, Pos or Neg? Any good info apreciated, Thanks
Yes I did live there for 8 years and am single so I should be good then?

2 Answers

  1. Bash Limpbutt's Oozing Cyst© on Jan 28, 2013 Reply

    File it with your permanent records. It tells you what the house was sold for. Even if it sold at a gain — which is possible even in a foreclosure situation — in most cases no tax will be due if you owned and occupied it as your principal residence for 2 of the 5 years ending on the sale date. If you are single the first $ 250,000 of gain is excluded. If you are married filing jointly, that rises to $ 500,000.

    If you get a Form 1099-C, post again at that time. Depending upon state law and local practices a Form 1099-C might not follow for several years.

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