Upcoming Foreclosures

Acquisition or abandonment of Secured property.Will it affect our tax return?

IF you had a foreclosure on a house and still owed the lender an amount for it....would they take what they can from your tax return? Or is the note I got, just a note for us to take to the tax place when we file. It says it is an acquisition or abandonment of Secured property.

Public Comments

1. The 1099-A is a "sale." It needs to be reported on your tax return. You probably have a non-deductible loss from this. When you get the 1099-C, then you will deal with cancelled debt.