What can you tell me about a 1099A insolvency?

Answer by  Spork (88)

A 1099 insolvency is documentation you receive in exchange for giving up secured property (a home or other property) and the equity associated with it. It includes the borrower's and creditor's names, the amount of the note and the market value of the property.

Answer by  Att4372 (1704)

1099A covers abandonment of secured property. It contains lender's and borrow's name and address. Data include abandonment date, balance due, fair market value, and whether borrower is personally liable.

Answer by  cklight (327)

When folk can't pay for their home anymore, the bank will usually take the home off their hands. The 1099A insolvency is based on abandonment and acquisition of real estate property. The 1099A insolvency determines what folk get in return for their giving up their home equity.

Answer by  DVST8 (22)

If you recieved any kind of debt releif in the last tax year you will have to claim this on your 1099A insolvency form. It will bacily count the forgiven debt as income and will hurt your refund for sure. It may include many forgiven debts: credit card, reposestions, some forclosures ect.