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1099-A

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  • tmrwmr
    Hello, Last year my home was foreclosed on by the mortgage company. I recently received a 1099-A for the property. I would appreciate all input as to how I
    Message 1 of 11 , Feb 10, 2004
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      Hello,
       
      Last year my home was foreclosed on by the mortgage company.  I recently received a 1099-A for the property.  I would appreciate all input as to how I should handle this with regards to my filing this year.
       
      Thanks in advance,
       
      Tom
    • Christopher Dilts
      That is the bank writting off the debt or the balance of the debt.. You supose to report it as income on your tax form. That is what the books say that is. ...
      Message 2 of 11 , Feb 11, 2004
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        That is the bank writting off the debt or the balance of the debt.. You supose to report it as income on your tax form. That is what the books say that is.

        >From: "tmrwmr"
        >Reply-To: tips_and_tricks@yahoogroups.com
        >To: , ,
        >Subject: [tips_and_tricks] 1099-A
        >Date: Tue, 10 Feb 2004 17:53:04 -0800
        >
        >Hello,
        >
        >Last year my home was foreclosed on by the mortgage company.  I recently received a 1099-A for the property.  I would appreciate all input as to how I should handle this with regards to my filing this year.
        >
        >Thanks in advance,
        >
        >Tom


        Check out the great features of the new MSN 9 Dial-up, with the MSN Dial-up Accelerator.
      • Nilbux@aol.com
        In a message dated 2/11/2004 12:52:59 PM Central Standard Time, ... The form surely mentions some statutes. Go to your Library and ask where they keep the U.S,
        Message 3 of 11 , Feb 11, 2004
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          In a message dated 2/11/2004 12:52:59 PM Central Standard Time, Redeemed@... writes:

          Last year my home was foreclosed on by the mortgage company.  I recently received a 1099-A for the property.  I would appreciate all input as to how I should handle this with regards to my filing this year.


          The form surely mentions some statutes.

          Go to your Library and ask where they keep the U.S, Code.
          Get Title 26 and see what the statute says.

          I cashed in an insurance policy 20 years ago. They sent me
          a 1099 and asked forr my SSN.  There were statutes mentioning
          words like "paid", income, receipts. etc.  When I checked the
          statutes, those words were not found.

          They never got my SSN!  Case closed.
             



        • sufi202@aol.com
          i lost my house due to foreclosure and got what i could from it. is there anyway to remedy this. email me at sufi202@aol.com
          Message 4 of 11 , Feb 13, 2004
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            i lost my house due to foreclosure and got what i could from it. is there anyway to remedy this. email me at sufi202@...
          • tmrwmr
            I just got clarification on this. If the fair market value is greater than the principle remaining at foreclosure than there is NO capital gain tax due (I
            Message 5 of 11 , Feb 14, 2004
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              I just got clarification on this.  If the fair market value is greater than the principle remaining at foreclosure than there is NO capital gain tax due (I fall into this category).  However, if the fair market value is less than (for instance, if you had a second mortgage or you just refinanced) the principle owed than in essence you have received monetary gain (i.e. the difference between the two).
               
              Credit card companies are doing the same thing.  If they discharge the debt they can then send you a 1099-MISC for the amount of discharge.  You are getting free money or value that can be considered taxable.
               
              Tom
              ----- Original Message -----
              Sent: Wednesday, February 11, 2004 12:56 PM
              Subject: RE: [tips_and_tricks] 1099-A

              That is the bank writting off the debt or the balance of the debt.. You supose to report it as income on your tax form. That is what the books say that is.

              >From: "tmrwmr"
              >Reply-To: tips_and_tricks@yahoogroups.com
              >To: , ,
              >Subject: [tips_and_tricks] 1099-A
              >Date: Tue, 10 Feb 2004 17:53:04 -0800
              >
              >Hello,
              >
              >Last year my home was foreclosed on by the mortgage company.  I recently received a 1099-A for the property.  I would appreciate all input as to how I should handle this with regards to my filing this year.
              >
              >Thanks in advance,
              >
              >Tom


              Check out the great features of the new MSN 9 Dial-up, with the MSN Dial-up Accelerator.
            • Utlage
              That is incorrect information. The 1099 it to give you the illusion that you are supposed to report it. I have received 7 of them since 1994 and have never
              Message 6 of 11 , Feb 14, 2004
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                That is incorrect information.  The 1099 it to give you the illusion that you are supposed to report it.  I have received 7 of them since 1994 and have never received a letter from either of the taxing agencies about not reporting them. 
                On a conference call I was on a couple weeks ago, the gentleman said that somehow, someway, the taxing agencies were told that they are not to pursue those 1099 cuz the people have been thru enough just loosing their homes.  I have nothing to back it up except for my own personal experience noted above.
                D
                 
                "The strongest reason for people to retain the right to keep and bear arms is, as a last resort, to protect themselves against tyranny in government."--Thomas Jefferson
                ----- Original Message -----
                Sent: Wednesday, February 11, 2004 12:56 PM
                Subject: RE: [tips_and_tricks] 1099-A

                That is the bank writting off the debt or the balance of the debt.. You supose to report it as income on your tax form. That is what the books say that is.

                >From: "tmrwmr"
                >Reply-To: tips_and_tricks@yahoogroups.com
                >To: , ,
                >Subject: [tips_and_tricks] 1099-A
                >Date: Tue, 10 Feb 2004 17:53:04 -0800
                >
                >Hello,
                >
                >Last year my home was foreclosed on by the mortgage company.  I recently received a 1099-A for the property.  I would appreciate all input as to how I should handle this with regards to my filing this year.
                >
                >Thanks in advance,
                >
                >Tom


                Check out the great features of the new MSN 9 Dial-up, with the MSN Dial-up Accelerator.
              • gary
                Be careful with credit cards, when the bank says they discharged the debt. In order for that to actually happen, they must inform you that your balance is
                Message 7 of 11 , Feb 17, 2004
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                  Be careful with credit cards, when the bank says they "discharged" the debt.  In order for that to actually happen, they must inform you that your balance is now zero and you owe them nothing.  This is almost NEVER the case, they will usually "write off" the debt but this doesn't mean what it seems to mean.  It just means they have taken the alleged debt out of the category of a delinquent credit card and it is now a closed account in collections.  No one has ever been able to prove whether or not they take a deduction on their taxes for the "alleged" loss.  They might keep this account and try to collect it or they may sell it.  A 1099 is issued when you settle with them for less than they say you owe.
                   
                  Of course, no bank ever actually loans you any of it's assets or that of other depositors so they don't actually lose anything anyway.
                   
                  Gary
                  -----Original Message-----
                  From: tmrwmr [mailto:Redeemed@...]
                  Sent: Saturday, February 14, 2004 3:21 PM
                  To: tips_and_tricks@yahoogroups.com
                  Subject: Re: [tips_and_tricks] 1099-A

                  I just got clarification on this.  If the fair market value is greater than the principle remaining at foreclosure than there is NO capital gain tax due (I fall into this category).  However, if the fair market value is less than (for instance, if you had a second mortgage or you just refinanced) the principle owed than in essence you have received monetary gain (i.e. the difference between the two).
                   
                  Credit card companies are doing the same thing.  If they discharge the debt they can then send you a 1099-MISC for the amount of discharge.  You are getting free money or value that can be considered taxable.
                   
                  Tom
                   
                • Phil Bliss
                  Here are the Arbitration awards we discussed . sorry so long gettin these to you. Was away and last attempt was rejected due to not being cleaned up. gary
                  Message 8 of 11 , Feb 23, 2004
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                    Here are the Arbitration awards we discussed . sorry so long gettin these to you. Was away and last attempt was rejected due to not being cleaned up.

                    gary <gary2666@...> wrote: Be careful with credit cards, when the bank says they "discharged" the debt. In order for that to actually happen, they must inform you that your balance is now zero and you owe them nothing. This is almost NEVER the case, they will usually "write off" the debt but this doesn't mean what it seems to mean. It just means they have taken the alleged debt out of the category of a delinquent credit card and it is now a closed account in collections. No one has ever been able to prove whether or not they take a deduction on their taxes for the "alleged" loss. They might keep this account and try to collect it or they may sell it. A 1099 is issued when you settle with them for less than they say you owe.

                    Of course, no bank ever actually loans you any of it's assets or that of other depositors so they don't actually lose anything anyway.

                    Gary
                    -----Original Message-----
                    From: tmrwmr [mailto:Redeemed@...]
                    Sent: Saturday, February 14, 2004 3:21 PM
                    To: tips_and_tricks@yahoogroups.com
                    Subject: Re: [tips_and_tricks] 1099-A


                    I just got clarification on this. If the fair market value is greater than the principle remaining at foreclosure than there is NO capital gain tax due (I fall into this category). However, if the fair market value is less than (for instance, if you had a second mortgage or you just refinanced) the principle owed than in essence you have received monetary gain (i.e. the difference between the two).

                    Credit card companies are doing the same thing. If they discharge the debt they can then send you a 1099-MISC for the amount of discharge. You are getting free money or value that can be considered taxable.

                    Tom
                  • gary
                    I am familiar with this arbitration company, I d say that this one (of all the non-major arbitration companies) has the best chance of being upheld by a court
                    Message 9 of 11 , Feb 23, 2004
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                      I am familiar with this arbitration company, I'd say that this one (of all
                      the non-major arbitration companies) has the best chance of being upheld by
                      a court if it came to that as their company is set up pretty well. Did
                      Michael get his money as awarded? Did MBNA clear Michael's credit report as
                      required by the award? Did MBNA ever acknowledge the award as legitimate?
                      If not, is Michael going to go to court to have the award confirmed as a
                      judgment? If not, what was the point?

                      Gary

                      -----Original Message-----
                      From: Phil Bliss [mailto:stratoquack@...]
                      Sent: Monday, February 23, 2004 9:42 PM
                      To: tips_and_tricks@yahoogroups.com
                      Subject: RE: [tips_and_tricks] 1099-A


                      Here are the Arbitration awards we discussed . sorry so long gettin these to
                      you. Was away and last attempt was rejected due to not being cleaned up.
                    • Nilbux@aol.com
                      In a message dated 2/24/2004 12:18:04 AM US Eastern Standard Time, ... No one can prove that any bank pays taxes. What would they pay taxes with?
                      Message 10 of 11 , Feb 24, 2004
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                        In a message dated 2/24/2004 12:18:04 AM US Eastern Standard Time, stratoquack@... writes:

                        It just means they have taken the alleged debt out of the category of a delinquent credit card and it is now a closed account in collections.  No one has ever been able to prove whether or not they take a deduction on their taxes for the "alleged" loss.


                        No one can prove that any bank pays taxes. What would they pay taxes with?
                      • gary
                        The question is not whether banks pay taxes or whether anyone can pay anything with FRNs or other debt instruments. Banks DO file tax returns and the
                        Message 11 of 11 , Feb 28, 2004
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                          The question is not whether banks "pay" taxes or whether anyone can "pay"
                          anything with FRNs or other debt instruments. Banks DO file tax returns and
                          the question here is, do they ever take a deduction for alleged losses on
                          defaulted credit cards?

                          Gary

                          Gary wrote:

                          It just means they have taken the alleged debt out of the category of a
                          delinquent credit card and it is now a closed account in collections. No
                          one has ever been able to prove whether or not they take a deduction on
                          their taxes for the "alleged" loss.

                          Nilbux replied:
                          No one can prove that any bank pays taxes. What would they pay taxes with?
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