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

    Apr 12, 2012, 01:15 PM
    Second home in Las Vegas Forclosed
    I had a second home in Las Vegas which nobody wanted to rent and it got foreclosed last year and I got a 1099A. NV is recourse state.
    Details:
    Box 2 $259,497.49
    Box 4 $300,769.50
    Since the FMV or box 4 is higher, I' m I correct in assuming the bank took back a property that was worth more than I owed so I owe nothing to the bank and will not get a 1099C?
    And on the other hand do I owe any income taxes? I assume not since since I lost $41,272.11 when tieback took the house back? Bank would not accept a loan mod or short sale.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Apr 12, 2012, 02:32 PM
    You will know know how much less the house is worth till they sale it. When they sell it, that is the figure ( not any stated value) that goes against what was owed.

    If he really was worth more than you owed, you could have sold it yourself.
    Mymonkey's Avatar
    Mymonkey Posts: 2, Reputation: 1
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    #3

    Apr 12, 2012, 02:43 PM
    It went to auction sold for $102,000.00 but the bank refused a short sale for $140,000 and then 6 weeks later the person who bought it at auction sold it for $145,000. The Bpo on March 2011 was $155,000 not the $300,769.50 the bank used.
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