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    jerryboie's Avatar
    jerryboie Posts: 4, Reputation: 1
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    #1

    Feb 1, 2010, 08:24 PM
    my 1099-A
    my balance was 213,000 and my fair market value was 230,000. Should I pay the IRS
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Feb 2, 2010, 10:20 AM

    Generally not, assuming that this was your principal residence. The 1099A is for is for information purpooses only. What this is showing is that you "sold" your house - which was worth $230K - to the lender in exchange for forgiving a loan of $213K. So the lender came out ahead. You therefore have nothing to report to the IRS, unless the $213K is greater than your cost basis.
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