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Posted on: 15th May, 2010 02:35 pm
I got 1099A and not 1099C.
Box 3=255K, box 4=109K, box 5=Yes.
This is/was my primary residence.
Do I need to report anything on form 982 or any other forms?

Hi Samal,

What is listed on the box no. 2? The amount listed there shows the outstanding principal balance on the loan. The box no. 4 shows the fair market value (FMV) of the property. If the amount in box no. 2 is more than that in box no. 4, you will owe taxes on the deficiency. But since this was your primary residence, you can exclude the deficiency from the income on your taxes. You will have to fill out Form 982 to claim the exclusion on your taxes.
Posted on: 16th May, 2010 09:29 pm
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