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    joylynn's Avatar
    joylynn Posts: 6, Reputation: 1
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    #1

    Feb 4, 2012, 07:11 PM
    I received a 1099-a form today, I did a deed in lu on my house and
    Box 2 is less then box 4 what does that mean when I do my taxes?
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Feb 4, 2012, 08:07 PM
    The amount you owe is less than the fair market value. You do nothing except if you get 1099-C. Check box 5 to see if you are personally responsible for the debt or not.
    joylynn's Avatar
    joylynn Posts: 6, Reputation: 1
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    #3

    Feb 4, 2012, 10:50 PM
    And if box 5 is checked then what happens
    joylynn's Avatar
    joylynn Posts: 6, Reputation: 1
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    #4

    Feb 4, 2012, 10:51 PM
    If box 5 is checked then what do I do or what happens ?
    joylynn's Avatar
    joylynn Posts: 6, Reputation: 1
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    #5

    Feb 4, 2012, 10:53 PM
    And if box 5 is checked then what happens
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #6

    Feb 5, 2012, 12:25 AM
    Box 5 shows that buyer is liable to pay the debt. However, in you case you do not have any debt. I don't think you will get 1099-C.
    If you only get 1099-A, it is only for your info. Your U.S. Tax Return: Foreclosure or Repossession of Main Home
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