Posted on: 31st Jan, 2011 01:38 pm
box 1 12-16-09
box 2 balance owed 157190.08
box4 fmv 86000
box5 liable,YES
my question is do I have to claim the deficentcy of the fmv vs. bal. due to the lender? also this was vacant land. bank refused to deal with us so we let it go.
box 2 balance owed 157190.08
box4 fmv 86000
box5 liable,YES
my question is do I have to claim the deficentcy of the fmv vs. bal. due to the lender? also this was vacant land. bank refused to deal with us so we let it go.
Hi asbmagic,
You were liable for the payment of the deficient balance. If you paid off the deficient balance, you won't be liable for paying off any taxes.
Take care.
You were liable for the payment of the deficient balance. If you paid off the deficient balance, you won't be liable for paying off any taxes.
Take care.