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1099A

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JR Allan Guest	Posted: Mon Mar 22, 2010 10:30 am    Post subject: 1099A Like 0 Dislike 0 Hi, I received a 1099A from our lender and our FMV is $311,797.75,outstanding balance of $300,229.44 and the date of acquisition was Aug. 27,2009 and we filed banckcruptcy and was discharged by Dec. 2009. Should we file this as an income? Regards, Allan _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Mon Mar 22, 2010 11:45 pm    Post subject: Like 0 Dislike 0 Hi JR Allan, If you had a capital gains from the sale of the property, then you will have to mention it as an income on your tax returns. Thus, you will have to pay taxes on this amount. Thanks

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