How do I figure out what to pay? If line 2 is $98,000 and line 7 is $15,000

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How do I figure out what to pay? If line 2 is $98,000 and line 7 is $15,000

How do I figure out what to pay? If line 2 is $98,000 and line 7 is $15,000 (fmv)? It is my primal residence does that changes anything?

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Anonymous (not verified)
26-04-2011

1 Answers

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As far as I know box 2 mentions the amount that has been discharged and box 7 includes the Fair Market Value of the property. If the debt has been discharged, you won't be liable for paying anything to the lender. Now, you will also receive a 1099c form and you will be liable for paying the taxes for the forgiven deficient balance.

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adonis | Asked on 2012-02-07

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