Posted on: 09th Mar, 2009 12:05 pm
i received a 1099a from my mortage broker who foreclosed on my house last june. i owed $267,000 and the form shows $168,000 as fair market value. does this mean that i'm supposed to pay tax on the difference between what was owed and what the fmv is? i filed chapter 7 bankruptcy in 2008 and included the house on it stating i was turning it back to the bank. i also went through a divorce. please help. i'm deseprate, if i could have afforded to pay the mortgage i'd still have the house.
carol
carol
carol, your best bet in my opinion is to contact the irs. they'll have all the answers you need, and i don't think you need to be afraid of them, contrary to popular opinion.