[curioused]

I received a 1099-A for a rental foreclosure in AZ (a non-deficiency state). I have the original sales date and price (233,000 in Aug of 2006). Box 2 of the 1099-A is 176,011.00 (the loan outstanding balance) and box 4 was 101,000.00 (FMV). Also, box 5 was not checked. What are my tax liablities and how do I enter it on my tax forms (using turbo tax deluxe)? Thank you!

[AtlantaTaxExpert]

You should NOT be doing this yourself on TurboTax.

RUN to the nearest tax professional who has experience these types of issues and get your return done by him/her. It may cost you several hundreds in fees, but that professional COULD save you thousands

[curioused]

You should NOT be doing this yourself on TurboTax.

RUN to the nearest tax professional who has experience these types of issues and get your return done by him/her. It may cost you several hundreds in fees, but that professional COULD save you thousands

Thank you sir... I suspect you're right but I still want to attempt this at least and perhaps then give it to a professional. What a shame our code is so complicated that not even a college educated, turbo tax using, relatively intelligent individual can't produce an answer...

[AtlantaTaxExpert]

There are special provisions in the tax code about the Form 1099-A which must be considered. Not all tax professional are aware of them, so ask questions of the tax pro you select to make sure he has a clue.