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reactancexl · 01-10-2007, 06:09 AM

Acquisition or Abandonment of Secured Property. I have a rental property that may get foreclosed on if I can't short sale before then. I understand I will get a 1099A from the lender. If the balance is 300K and the FMV (Fair Market Value) of the property is 250K, will I have to pay tax on 50K?

01-10-2007, 06:09 AM	#230 (permalink)
reactancexl Upright	1099A tax question Acquisition or Abandonment of Secured Property. I have a rental property that may get foreclosed on if I can't short sale before then. I understand I will get a 1099A from the lender. If the balance is 300K and the FMV (Fair Market Value) of the property is 250K, will I have to pay tax on 50K?