1099-C & 1099-A

With bank failures, foreclosures, mortgage frauds,  and many other situations in today’s financial and real estate markets, borrowers are receiving 1099-C (income from cancellation of a debt) and 1099-A (acquisition or abandonment of secured property) from their lenders. Many taxpayers are confused as what they need to do when they receive one or both of these forms. Most taxpayers are concerned they will have to pay taxes on the entire amount reported on the forms. Contact Paul to help guide you through this process to determine what the consequences of these forms are to your individual tax situation. Click here to contact Paul.

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