Posted on: 19th Jul, 2010 01:34 pm
in ga, buyers have to file a pt-61 form with all deed filings. i entered into a deed in lieu of foreclosure with my bank and am looking at the pt-61 to try to figure out what my tax will be. the bank has to enter in the "actual value of consideration received by seller" on the form. since i didn't get any money from them (i gave them back the property to avoid foreclosure), will that number be $0?
Hi CM!
Welcome to forums!
As far as I can understand, you will have to write $0 in the form as you did not receive any monies from the buyer. However, it would be better if you could could contact a tax adviser and take his opinion in this matter.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I can understand, you will have to write $0 in the form as you did not receive any monies from the buyer. However, it would be better if you could could contact a tax adviser and take his opinion in this matter.
Feel free to ask if you've further queries.
Sussane