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1099a

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asbmagic Joined: 31 Jan 2011 Posts: 1 1.27 Dollars($)	Posted: Mon Jan 31, 2011 2:38 pm    Post subject: 1099a Like 0 Dislike 0 box 1 12-16-09 box 2 balance owed 157190.08 box4 fmv 86000 box5 liable,YES my question is do I have to claim the deficentcy of the fmv vs. bal. due to the lender? also this was vacant land. bank refused to deal with us so we let it go.
sara Moderator Joined: 05 Jul 2006 Posts: 2699 Location: New Brunswick, New Jersey 497.27 Dollars($)	Posted: Wed Feb 02, 2011 3:05 am    Post subject: Like 0 Dislike 0 Hi asbmagic, You were liable for the payment of the deficient balance. If you paid off the deficient balance, you won't be liable for paying off any taxes. Take care. _________________ Find me at FB: http://www.facebook.com/people/Sara-Jones/100002976822020

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