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

    Feb 4, 2009, 08:31 AM
    1099a tax liability
    I foreclosed on a property and received a 1099A. The FMV is lower than the Principal owed and box 5 is marked no. How do I file this? Is this considered a cancelation of debt? Do I report a gain or loss?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #2

    Feb 10, 2009, 11:45 AM
    You will probably need to file Form 982 under the Mortgage Forgiveness Debt Relief Act of 2007 for relief from tis debt, but you must wait for the Form 1099-C.

    Get professional tax help for this, because you must meet specific criteria to be eligible for tax relief under this procedure.
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