Posted on: 07th Mar, 2010 10:17 am
box 2 526.662.17
box 4 551,228.21
box five yes
do i have to report the difference in my tax return as income...please help !!!!!!!
box 4 551,228.21
box five yes
do i have to report the difference in my tax return as income...please help !!!!!!!
Hi pantaleon,
The box no. 2 shows the principal mortgage amount you owe and the box no. 4 shows the fair market value of the property. If the fair market value of the property is greater than the principal balance you owe, you will not be required to pay any taxes as you do not have any income from discharge of debt. So, you do not need to report this in your tax return.
The box no. 2 shows the principal mortgage amount you owe and the box no. 4 shows the fair market value of the property. If the fair market value of the property is greater than the principal balance you owe, you will not be required to pay any taxes as you do not have any income from discharge of debt. So, you do not need to report this in your tax return.