short sale and 1099-c
Date: Sat, 02/25/2012 - 17:24
If Chase agreed to do a shortsale of my home in 2011 and the buyer paid $142,500 and they cancelled $20k of the debt, shouldn't the FMV on the 1099-C be $142,500? They put FMV of $185k which was what I bought it for in 2005 and I owed $151k at the time of the short sale.
The FMV of a property is usually greater than the short sale val
The FMV of a property is usually greater than the short sale value and as such it has been reported correctly.
