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    Nicki1963's Avatar
    Nicki1963 Posts: 1, Reputation: 1
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    #1

    Jan 29, 2011, 06:32 PM
    Deed in Lieu of Foreclosure and 1099-a form
    We received a 1099-a form today. The difference between balance and FMV is 37,000. We fall way below the $2 mil mentioned in the Home Mortgage Forgiveness Act of 2007. I am confused after reading all the publications, do we have to pay taxes on this amount, or will the Act of 2007 help us. Will I be able to fill out Form 982 so it will not send us into another tax bracket?

    Thank you for your help!
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Jan 29, 2011, 08:40 PM

    Do you meet the qualifications listed here.

    The Mortgage Forgiveness Debt Relief Act and Debt Cancellation
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