New (tax) year, new help!

Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

To enter a Form 1099-C for property that was abandoned and foreclosed on in the same year, enter the data from Form 1099-C in the 1099-C facsimile data entry fields on Screen 1099C. The lender may include information about the abandonment on Form 1099-C instead of on a Form 1099-A. See IRS Publication 4681. If Form 1099-C, Box 7 has data, complete the additional data entry fields in the "Abandoned, Foreclosed, Repossessed Property" section on Screen 1099C. Information entered in this section will generate the Foreclosures and Repossessions Worksheet. An entry in the Basis of transferred property field is required to calculate the Foreclosures and Repossessions 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.

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