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    jackbc4's Avatar
    jackbc4 Posts: 1, Reputation: 1
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    #1

    Feb 8, 2012, 11:15 AM
    1099a, do I need to report loan balance as income
    Signed house over to fannie mae. Now lease it back from fannie mae. Received a 1099 a. Box 5 was not checked meaning I am not responsible for debt. However, the loan balance showed the correct figure but the FMV showed 0. Do they mean I have income equal to the loan balance. I also filed bankruptcy two years ago. If I'm not responsible for debt do I need to report this?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #2

    Feb 13, 2012, 02:51 PM
    Probably not. The lack of a check mark probably means you live in a non-recourse state.

    Check with Fannie Mae to see if you are getting a Form 1099-C. If not, you are free of the debt AND are not required to report the implied income from being released from the debt.
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