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My home was foreclosed in 2015. I received a 1099-A. How do I enter the foreclosure in Turbo Tax?
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You don't have to report form 1099-A for your main home. A personal residence sold at a loss (and that's what foreclosure/abandonment on form 1099-A usually is) is not reported on a federal return because personal losses are not tax deductible.
Keep 1099-A for your records though. You may receive form 1099-C from the lender for the cancellation of the debt, the 1099-C would be reported (Form 1099-C may come in future years) in the year you actually receive it. Since the form 1099-A does not indicate the debt forgiven, please wait until you receive form 1099-C to report forgiven debt.
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