Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

On form 1099-A box 4 is more than box 2, what is due to IRS?

Posted on: 17th Feb, 2009 06:53 pm
House was in deed of lieu and form 1099-A box 4 was appraised at 80,000. but box 2 balance of principal was 67,000. How will that effect tax this year?
Hi Guest,

If the lender had forgiven the deficient amount resulting from the sale of the property, then you should have received 1099-c form. On receiving the form, you would have to pay the taxes on the forgiven amount. But you have mentioned that you have received 1099 A form. 1099-A forms are issued in case of acquisition or abandonment of secured property. So did you cancel your deed in lieu?

Thanks
Posted on: 17th Feb, 2009 08:59 pm
Page loaded in 0.101 seconds.