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Posted on: 25th Mar, 2010 09:51 am
Received a 1099-A for an investment property that was abandoned. Doesn't look like the mortgage relief act applies to investment property, only property that is your principal residence. Will I have to pay taxes on the income. The FMV is higher than the balance owed on the property.
Hi angeliah,

As far as I know, it is true that the Mortgage Debt Relief Act applies only in case of the principle residence. It does not apply in case of investment properties. Thus, if your debt has been forgiven by the lender, then you will have to pay taxes on that amount as it will be considered as your income by the IRS.

Posted on: 25th Mar, 2010 08:14 pm
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