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Enter 1099-A and 1099-C information for the same property
Enter the data from Forms 1099-A and 1099-C into the facsimile data entry fields on the
1099C
screen. With the 1099-A and 1099-C facsimile data entry fields, UltraTax CS uses the extra data entry fields in the Abandoned, foreclosed, or repossessed section on the 1099C
screen to generate the Foreclosures and Repossessions Worksheet.Enter an entry in the
Basis of transferred property
field to calculate the worksheet. The worksheet transfers the gain or loss generated to the appropriate form. Using the view from the Treatment
field on the 1099C
screen, you can control how the system handles gains or losses from the Foreclosure or Repossession Worksheet.note
If the taxpayer has received a 1099-A for personal use property and UltraTax CS calculates a loss, it's a non-deductible personal loss. Refer to IRS Publication 4681. UltraTax CS treats the property as personal use if the
Form
code is blank and the input screen is in the Income
folder.This article applies to:
- PRODUCT: UltraTax CS
- Return type: 1040 Individual
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