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A year ago I relinquished my home (condo) in a deed-in-lieu. The fair market value was 95,900.00 the the balance of principle is 105,826.25. I received a 1099a do I have to place the difference on my taxes. I am a 77 year old retired person who works occasionally part-time. Thank You.

Guest

I received a Form 1099A form from the lender after the property was sold. I was told by the bank that I must pay taxes on
it. I also filed bankruptcy at the same time. I am a 77 yr old retired person, single. Please advise me on this.

adonis · Posted: Wed Mar 16, 2011 11:46 pm Post subject:

Hi Lois,

You will have to check out whether or not you've received a 1099c form. If you have received the 1099c form, it means that the lender has forgiven your deficient balance resulting from the sale of the property. Then you will be responsible for paying the taxes to the IRS. However, depending upon the Mortgage Debt Relief Act, you may not have to pay taxes for the forgiven balance amount.

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Do I pay tax if I get a 1099-A Form after deed in lieu?

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