What does a 1099-A mean?

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What does a 1099-A mean?

My Chapter 7 discharged about 2 1/2 years ago. Included was my 1st trust deed. A little over 1 1/2 years ago, my lender sent me a notice of foreclosure. I contacted them and they knew nothing about it. About 3 months later I received an ordinary mortgage statement with details that I had no loan payment but a notation that if I wanted to I could make a payment. I received this type of statement for 3 more months. Then a year ago, I received a notice telling me the house was going to a trustee’s sale th following month. I had not heard another word until now. I received a 1099-A in the mail a week ago.

Asked on February 6, 2012 under Bankruptcy Law, California

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

You need to contact the attorney that helped you with the bankruptcy as well as the trustee of the bankruptcy proceeding as soon as possible and bring with you the 1099 A, which is a tax document dealing with the "Acquisition or Abandonment of Secured Property."  When a property is abandoned or foreclosed, the amount of the debt owed at the time of abandonment or foreclosure is reportable to the IRS as income. But you are claiming that the debt was discharged.  So there is a big issue here as you can see. Get help.  Good luck.


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