jimmy yue
Feb 3, 2010, 09:00 AM
I understand that Box 4 is FMV and Box 2 is the balance of principal outstanding, what happens if the FMV is bigger than the out standing balance that means I have a gain and I have to pay tax on this gain?
If this is true, when is the gain coming from, the lender hasn't sold the property yet and even they have sold my property, this is their gain or loss, there is nothing to do with me right?
Somebody told me this is just a kind of notice telling you what is going on that is all you just simply ignor it but I was told also that the outstanding balance is your gain and this is your profit and you need to pay tax. I am totally confused, please explain and tell me what to do with this 1099 a form. Do I forget it or I need to do something about it?
Waiting for your kins help.
Jimmy
If this is true, when is the gain coming from, the lender hasn't sold the property yet and even they have sold my property, this is their gain or loss, there is nothing to do with me right?
Somebody told me this is just a kind of notice telling you what is going on that is all you just simply ignor it but I was told also that the outstanding balance is your gain and this is your profit and you need to pay tax. I am totally confused, please explain and tell me what to do with this 1099 a form. Do I forget it or I need to do something about it?
Waiting for your kins help.
Jimmy