Got a 1099A form today. Box B is 53000 - box 4 is 40800. Box 5 is checked. What do I do with this?

Get and read IRS publication 4681. If you do not understand it, HIRE SOMEONE.

You appear to have $12,200 in cancelled debt income. If this cannot be excluded to tax law or insolvency, it is added to your income for 2016 and taxed at marginal rates.

However, the property hasn't been sold yet, so this may be a 2017 issue....Show more

Give it to the person who prepares your income tax return along with your other documentation....Show more