I had a second home in Las Vegas which nobody wanted to rent and it got foreclosed last year and I got a 1099A. NV is recourse state.
Details:
Box 2 $259,497.49
Box 4 $300,769.50
Since the FMV or box 4 is higher, I' m I correct in assuming the bank took back a property that was worth more than I owed so I owe nothing to the bank and will not get a 1099C?
And on the other hand do I owe any income taxes? I assume not since since I lost $41,272.11 when tieback took the house back? Bank would not accept a loan mod or short sale.

You will know know how much less the house is worth till they sale it. When they sell it, that is the figure ( not any stated value) that goes against what was owed.

If he really was worth more than you owed, you could have sold it yourself.

It went to auction sold for $102,000.00 but the bank refused a short sale for $140,000 and then 6 weeks later the person who bought it at auction sold it for $145,000. The Bpo on March 2011 was $155,000 not the $300,769.50 the bank used.