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Greetings and salutations: I have a question on a form 1099-A that I just received from my lender.

Monrovia, CA |

It only shows my information such as name and social number. It did not include the information for my Ex who is also on the loan. It goes further to allege that I am solely responsible for the payment of the loan. Is this how it is generally worded and woudl the Ex have gotten a separate letter also or should I be alarmed? Thank you.

Additionally, I previously filed for Chapter 7 and listed this property so I assume that (1) the lender cannot come after me and (2) I will not have to face a tax penalty due to the mortgage tax act.

Attorney Answers 3

Posted

You wrote, "I have a question on a form 1099-A that I just received from my lender."

A: The form is issued to a single, tax identifying number "TIN"; in this case, your TIN.
The form might be issued to a Jointly liable debtor, but you would not receive that form or be advised of its issuance.

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Asker

Posted

Thank you for your time Sir.

Gary D. Bollinger

Gary D. Bollinger

Posted

You're most welcome.

Posted

I agree with atty Bollinger, but as to the 2nd part of your question, if this debt was discharged in your bsnkruptcy then you are correct you would no longer have any personal liability for the debt. However, your question does not present enough facts to determine whether or not this particular debr was in fact doscharged. It is curious you state you received a 1099-A, since on a discharged debt yoy would normally receive a 1099-C. You then would want to file IRS form 982 to show the underlying debt related to the tax has been discharged.

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Posted

Thank you for your time. I think (I have to check the files) that I received a 1099-C previously and that was what spurred the chapter 7 initially. Could a 1099-C come before a 1099-A? Thanks once again.

William James Waters

William James Waters

Posted

You would usually receive one or the other, not both. Either way you can still file the form 982.

Posted

If, as you suggest in your comment, you received a 1099-C prior to filing your BK, you may be out of luck checking the discharged-in-BK box on the Form 982 because the debt was cancelled before you had a chance to discharge it.

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