Posted on: 18th Mar, 2010 05:32 am
I have a property that was foreclosed in FL. The lender issued me a 1099A and box 4 indicates the property value was $100. I argued this amount with the lender as this is obviously not the value of the home and they indicated that in FL they are required to start bidding at $100 and that is what the lender purchased it back for, therefore, that is what is reflected in box 4. Is this correct ????
Hi John,
The box number 4 on the 1099A Form shows the fair market value of the property. Thus, if the fair market value of the property at the time it was sold off was $100, that is what should be listed on the box number 4 of the Form. However, if you can prove that the fair market value of the property at the time of the sale was more than what is listed on the Form, you can challenge it with the lender.
The box number 4 on the 1099A Form shows the fair market value of the property. Thus, if the fair market value of the property at the time it was sold off was $100, that is what should be listed on the box number 4 of the Form. However, if you can prove that the fair market value of the property at the time of the sale was more than what is listed on the Form, you can challenge it with the lender.