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    marshagentry's Avatar
    marshagentry Posts: 1, Reputation: 1
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    #1

    Jan 24, 2009, 12:06 PM
    Form 1099-A
    I just received a 1099-A. Box 4 is less than box 2. Will I pay as income on box 4 or the difference between the 2? Also, is this debt forvigin or will I receive a 1099-C? Is there any foreclosure forgivness laws that will apply to reduce the amount?

    Thanks
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Jan 24, 2009, 09:43 PM
    There is a procedure that will let you avoid any taxes on the income that you "received" by having this debt forgiven. I did it twice last year for clients, and it is relatively painless for the taxpayer.

    Go see a local tax professional for details.
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