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graciesfire · Joined: 06 Feb 2011 Posts: 2 1.28 Dollars($)

I received a 1099-A. It has 0.00 in Box 2 Balance of principal outstanding. Box 4 FMV is 161,000.00. Which is incorrect since the decline of housing prices. It would be more 115,000.00. My question is if I have no outstanding principal owed do I have a tax liability on this?

adonis · Posted: Sun Feb 06, 2011 8:41 pm Post subject:

Welcome graciesfire,

As you don't owe any outstanding balance, it means that the lender won't have to forgive any deficient balance. In such a situation, you won't be liable for paying off any taxes to the IRS regarding that debt.

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