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MY SISTER HAS RECEIVED A 1099 A-THEY JUST WALKED AWAY FROM THE HOME LAST YEAR. I DON'T KNOW IF THE HOME HAS BEEN SOLD AS OF YET THOUGH. THE MORTGAGE COMPANY ACQUIRED THE HOUSE ON 7/6/2010 THE OUTSTANDING BALANCE IS 190952.00 AND THE FAIR MARKET VALUE IS 195482.00. DOES SHE NEED TO FILE ON THIS AND IF SO HOW DO WE FIGURE OUT WHAT TO FILE ON,

tomburris · Posted: Thu Feb 10, 2011 6:29 pm Post subject:

Ask your CPA.....
There are tax implications in foreclosures and short sales.

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