Posted on: 26th Aug, 2010 05:00 am
Please help me understand if I owe Taxes or have to report this to IRS.
FORM 1099-A
Line 2: 218,334
Line 4: 241,704
Line 5: NO
Thanks,
James
FORM 1099-A
Line 2: 218,334
Line 4: 241,704
Line 5: NO
Thanks,
James
Welcome JamezG,
Line 5 in the 1099A form states whether or not the borrower was personally liable for repayment of the debt. As the answer is no, it means your debts have been forgiven by the lender. In that case, you would be liable for the taxes.
Line 5 in the 1099A form states whether or not the borrower was personally liable for repayment of the debt. As the answer is no, it means your debts have been forgiven by the lender. In that case, you would be liable for the taxes.