Posted on: 17th Apr, 2011 07:41 am
I received a 1099 A form Balance 71,992 with FMV of 59,666. What does this mean & what form will I need to use to file my taxes.
Thanks
Brandy
Thanks
Brandy
Hi Brandy,
You will have to attach the form with your tax documents. If you've paid the deficient balance resulting from the sale of the property, then you won't be liable for paying any taxes. But if your debt was forgiven, then you'll receive a 1099c form and you'll be liable for paying the taxes for the forgiven amount.
You will have to attach the form with your tax documents. If you've paid the deficient balance resulting from the sale of the property, then you won't be liable for paying any taxes. But if your debt was forgiven, then you'll receive a 1099c form and you'll be liable for paying the taxes for the forgiven amount.