1099-A Question
Date: Sun, 02/05/2012 - 15:17
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?
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?
I think it will be best if you consult a tax adviser on this iss
I think it will be best if you consult a tax adviser on this issue.
You have to claim it when you file your taxes but, if you were i
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.