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I received a 1099A from my mortage broker who foreclosed on my house last June. I owed $267,000 and the form shows $168,000 as fair market value. Does this mean that I'm supposed to pay tax on the difference between what was owed and what the FMV is? I filed chapter 7 bankruptcy in 2008 and included the house on it stating I was turning it back to the bank. I also went through a divorce. Please help. I'm deseprate, if I could have afforded to pay the mortgage I'd still have the house.

Carol

gmakerley · Posted: Mon Mar 09, 2009 12:10 pm Post subject:

carol, your best bet in my opinion is to contact the irs. they'll have all the answers you need, and i don't think you need to be afraid of them, contrary to popular opinion.

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