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Short sale happened Got the 1099-C but..somthing is missing?

Posted by R on February 18, 2016 at 12:12pm in Short Sale Discussions

We had a short sale this summer and received a 1099-C ..In the box 7 (Fair Market Value) It's empty.

My tax guy said there should be something in that box.

He sent me a link to IRS R&R on 1099-C and sure enough it says prior to 2014 nothing was needed in there( FMV for short sales) but now FMV is supposed to be in Box 7/   Anyone know what we should do? I called the lender 3 times today asking if they can correct but they refuse and say I'm wrong. Anyone know what I should do? file it? get a lawyer?

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Replies

  • Wayne Brooks February 19, 2016 at 5:33am

    Just file it anyway, if you can't get it corrected. If this your primary, there's no tax due, so....?  FMV should be irrelevant on a SS, only applicable on a foreclosure sale I believe.

    • R > Wayne Brooks February 19, 2016 at 6:16am

      The IRS now states 2014 forward should have FMV in Box 7

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