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Posted: Sun Feb 20, 2011 10:45 am Post subject: foreclosed

on form 1099-a box 4[9000.] fmv more than box 2.doi owe?that is 1st mortgage. 2nd mortgage owes 8,000. now am i responsible for that amount/

jameshogg · Posted: Sun Feb 20, 2011 7:45 pm Post subject:

Hi Guest,

You need to check out the amount received by the lender after selling off the property. If the sale price of the property is lower than the principal balance owed by you, then you will be liable for paying the deficient balance. However, if the lender forgives the deficient balance, then it will be considered as your income by the IRS. Depending upon the Mortgage Debt Relief Act, you won't be liable to pay taxes on that amount.

Thanks

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