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Posted on: 01st Feb, 2011 12:27 pm
Hi i just got a 1099-a form in the mail. Line #2 shows $68, 805.00 and nothing in line #3, Line #4 shows $76,796.84. Line # 5 says "yes". "So due I owe money or is there a loss to me or do I owe nothing ? Thanks
Hi coyote,

As far as I can understand, the lender has not forgiven the deficient balance resulting from the property sale. In such a situation, you're liable for the payments. If you pay off the dues on time, then you won't be liable for paying off any taxes. If you don't pay the balance amount and if it is forgiven by the lender, then it will be considered as your income and you'll be liable for paying taxes.
Posted on: 01st Feb, 2011 06:55 pm
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