My investment property foreclosed on 12/09/2009 in AZ. Now my 2nd lender sent me 1099 A (Acquisition or Abandonment of Secured Property) has following information
Box 1 Date Acquired by Lender or Abandoned 03/16/10
Box 2 Balance of principle outstanding 80,069 .00
Box 4 Fair Market Value 108,500 .00
Box 5 Borrower was personally liable for payment of Debt
Do I need to pay tax on this? How can I file my 2010 tax return?
Any Help will be appreciable.