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Sub: #1 1099-A Question
Replied on 02-05-2012, 02:17 PM
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I really don't understand whether or not we need to claim income from this 1099-A we received.

Box 2 show 308,000.00 and box 4 shows Fair Market Value of 345,000.00. Do we need to claim, as income, the difference between the two amounts which is 37,000.00 or not?

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Sub: #2
Replied on 02-05-2012, 07:27 PM
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I think it will be best if you consult a tax adviser on this issue.

Sub: #3
Replied on 02-08-2012, 08:44 AM
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You have to claim it when you file your taxes but, if you were insolvent at the time of the foreclosure, it will be forgiven.





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