Posted on: 22nd Mar, 2010 10:30 am
Hi,
I received a 1099A from our lender and our FMV is $311,797.75,outstanding balance of $300,229.44 and the date of acquisition was Aug. 27,2009 and we filed banckcruptcy and was discharged by Dec. 2009. Should we file this as an income?
Regards,
Allan
I received a 1099A from our lender and our FMV is $311,797.75,outstanding balance of $300,229.44 and the date of acquisition was Aug. 27,2009 and we filed banckcruptcy and was discharged by Dec. 2009. Should we file this as an income?
Regards,
Allan
Hi JR Allan,
If you had a capital gains from the sale of the property, then you will have to mention it as an income on your tax returns. Thus, you will have to pay taxes on this amount.
Thanks
If you had a capital gains from the sale of the property, then you will have to mention it as an income on your tax returns. Thus, you will have to pay taxes on this amount.
Thanks