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    rosie2842's Avatar
    rosie2842 Posts: 2, Reputation: 1
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    #1

    Mar 9, 2010, 09:23 PM
    How do I report 1099-A on my 2009 tax return
    The balance of principal outstanding is $236.540.18 The fair market value of property is $262,455.29 Was borrower personally liable for repayment of the debt? NO
    rosie2842's Avatar
    rosie2842 Posts: 2, Reputation: 1
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    #2

    Mar 9, 2010, 09:26 PM
    principal outstanding 236,540 fair market value $262,455 borrower personally liable for repayment of debt? No
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #3

    Apr 29, 2010, 11:48 AM
    If the Form 1099-A is the only document you received from the mortgage company, you owe NOTHING in terms of taxes because the FMV exceeds the balance.

    Even if the situation were reversed (balance exceeds FMV), under a law passed by Congress in December 2007, you can avoid paying any taxes on this Form 1099-A by filing Form 982 with your tax return. Further, you would FIRST have to get a Form 1099-C for the difference in value.

    BOTTOM LINE: You have nothing to worry about tax-wise on the Form 1099-A. Keep it in your tax records, but do NOT lose sleep over it.
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