1040-US: Entering 1099-A and 1099-C information for the same property

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Question

The taxpayer received a 1099A and a 1099C for the same property. How should I enter the information?

Answer

Both 1099-A and 1099-C facsimile data entry fields are available on Screen 1099C. Enter the data from Forms 1099-A and 1099-C in these fields. In conjunction with the 1099-A and 1099-C facsimile data entry fields, the tax application uses the additional data entry fields in the "Abandoned, foreclosed, or repossessed" section on Screen 1099C to generate the Foreclosures and Repossessions Worksheet. An entry in the Basis of transferred property field is required to calculate the worksheet. The gain or loss generated from the worksheet is transferred to the appropriate form. Using the view from the Treatment field on Screen 1099C allows the user to force treatment of the gain or loss generated from the Foreclosure or Repossession Worksheet.

Note: If the taxpayer has received a 1099-A for property that is for personal use and the tax application calculates a loss, it is a non-deductible personal loss. See IRS Publication 4681. The tax application treats property as personal use if the Form code is blank and the input screen is in the Income folder.

Related topic: Form 1099-C - Cancellation of debt FAQs (1040)

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