Posted on: 05th Feb, 2011 10:07 am
My principal outstanding balance is $117,000 and the FMV is $123,200. The box is checked stating that I am personally liable for repayment of debt. What additional forms do I file when doing my taxes, if any. I do not believe the home has been sold yet.
I don't think you'll have to file any other additional docs. Nevertheless, have a word with your tax adviser and he/she will guide you in a better manner.