I received a 1099 a for our primary residence we walked away from the home in 2010. It reads like this: box 2 190958. Box 4 195482. And box 5 is marked "yes" how do I file this and am I liable for taxes on this. We did not receive a 1099 c
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I received a 1099 a for our primary residence we walked away from the home in 2010. It reads like this: box 2 190958. Box 4 195482. And box 5 is marked "yes" how do I file this and am I liable for taxes on this. We did not receive a 1099 c
You're fine - nothing to report on your taxes. This 1099-A is for information purposes only. It basically says that you had a mortgage with principal outstanding of $190K per box 2, and the market value of the house was $195K (box 4), so the bank got back more than you actually owed. Hence there was no foregivenes of debt.
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