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Hi,

I have rental house in Arizona being foreclosured.
And I receive 1099-A, do I have to pay tax for the deficient and also, will lender go after me for deficient amount in future?

jenkin7 · Posted: Wed Feb 03, 2010 10:26 pm Post subject:

Hi Annie,

If there remains any deficiency from the foreclosure sale of the house, the lender sends you a 1099 A form. However, it does not mean the lender has written off this deficient amount. The lender can still come after you to collect this amount. If he sends you a 1099 C form, it means he has forgiven the debt and will never come after you to recover it. Then, you will be subject to a tax on this forgiven debt as it is considered as your taxable income by the IRS.

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