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    Jslaughter's Avatar
    Jslaughter Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Feb 3, 2012, 09:18 PM
    How do I report a 1099a on my taxes?
    Hello I am a resident of Washington State and I did a deed in lieu of foreclosure on my primary residence. I have received a form 1099A. Box 2 says 82,170 and box 4 says 105,900 and box 5 is checked indicating I am liable for the debt. I am perplexed on how to report this or what to do.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Feb 4, 2012, 07:47 AM
    Fair Market value is more than the amount you owe. Just keep 1099-A for your own record.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Feb 8, 2012, 03:28 PM
    What MukatA is trying to say is that, if the house's Fair Market Value is LARGER than the balance on the mortgage, you will owe NOTHING in atxes for the forgiven debt, because, theoretically, the bank will be able to recover the balance in full (and then some) when they sell the house.
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