Posted on: 28th Jan, 2012 07:56 pm
Since the fair market value of the property is more than the outstanding loan amount as shown in form 1099-A can I use this loss (from forcecloure) to my advantage and get tax credit when filling tax return
Welcome ilasaer,
You may use the loss from foreclosure to your advantage. However, it will be a better option if you could contact a tax advisor and take his opinion in this matter.
You may use the loss from foreclosure to your advantage. However, it will be a better option if you could contact a tax advisor and take his opinion in this matter.