Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.

Trending News

Promoted
sticker dave
sticker dave asked in Business & FinanceTaxesUnited States · 4 years ago

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

Update:

Will this change my return.?

2 Answers

Relevance
  • Anonymous
    4 years ago

    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.

  • Obamavenger
    Lv 7
    4 years ago

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

Still have questions? Get your answers by asking now.