I received a 1099-A for a rental foreclosure in AZ (a non-deficiency state). I have the original sales date and price (233,000 in Aug of 2006). Box 2 of the 1099-A is 176,011.00 (the loan outstanding balance) and box 4 was 101,000.00 (FMV). Also, box 5 was not checked. What are my tax liablities and how do I enter it on my tax forms (using turbo tax deluxe)? Thank you!

You should NOT be doing this yourself on TurboTax.

RUN to the nearest tax professional who has experience these types of issues and get your return done by him/her. It may cost you several hundreds in fees, but that professional COULD save you thousands

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Originally Posted by AtlantaTaxExpert

You should NOT be doing this yourself on TurboTax.

RUN to the nearest tax professional who has experience these types of issues and get your return done by him/her. It may cost you several hundreds in fees, but that professional COULD save you thousands

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Thank you sir... I suspect you're right but I still want to attempt this at least and perhaps then give it to a professional. What a shame our code is so complicated that not even a college educated, turbo tax using, relatively intelligent individual can't produce an answer...

There are special provisions in the tax code about the Form 1099-A which must be considered. Not all tax professional are aware of them, so ask questions of the tax pro you select to make sure he has a clue.