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Old 02-01-2014, 06:35 PM
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Home Foreclosure/1099-A Information

Hello, I am currently working on my federal return for 2013. I have some questions regarding home foreclosure. We recently had a home that we owned sell at a preforeclosure auction on 12/3/2013 (home in State of Georgia). To date all we got from our lender (Wells Fargo) was a 1099-A. Block 2 of the 1099-A has a total amount of $173,187.93 and block 4 has the fair market value of the property at $125k which was the selling price. I have not recieved a 1099-C at this time. I contacted the lender to see if all the paperwork went through the courts yet to determine if action is offical as of 2013 or 2014? Home was primary residence from 8/2004 thru 3/2007. It was rented from 3/2007 through 3/2011 when renter left without notice. It has been empty since 3/2011. In 2012 I still carried home as rental property even though I could not get a new renter. Basically I need to know with the data I just provided you do I need to report the sale of this home on Form 4797 even though no 1099-C has issued yet? Then I wanted to know for 2013 should I still file it as rental property or may I get more tax shelter converting it over to vacation or second home status? We live in Texas as of Aug 2012 when I retired from active duty military in Florida. Owned a new primary home there from 04/2009 to 10/2012. We are currently renting a home in texas.

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