Posted on: 31st Jan, 2014 03:58 pm
Hello, I have just received a 1099a. Boxes 2 and 4 have exact amount. What does this mean? Any help is greatly appreciated!
Form 1099-A is usually sent when youe lost your home over a foreclosure. This particularly implies
Box 2 - The figure here shows remaining principal outstanding amount you owed. It is only indicative of the principal amount still owed by you and does include any other charges, including interests.
Box 4 - Here though both the figures are coincidentally identical, but then, the amount shown in Box 4 is your propers Fair Market Value or FMV. This FMV will be the selling price of your home when it gets listed for sale, or repossessed by the lender.
Box 2 - The figure here shows remaining principal outstanding amount you owed. It is only indicative of the principal amount still owed by you and does include any other charges, including interests.
Box 4 - Here though both the figures are coincidentally identical, but then, the amount shown in Box 4 is your propers Fair Market Value or FMV. This FMV will be the selling price of your home when it gets listed for sale, or repossessed by the lender.