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TOPIC: Re:forgiveness of debt

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#1031

Preston (User)

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Posts: 46

forgiveness of debt 8 Months, 3 Weeks ago	Karma: 0
My girlfriend received a 1099a for "abandonment of property". Actually she did a deed in lieu of foreclosure and gave the property back to the bank. Does she have to pay taxes on the total amount? What about the value of the home that she gave back to the bank. How does that get reported? Enter code here Please note, although no boardcode and smiley buttons are shown, they are still useable

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#1032

steve (Moderator)

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Posts: 151

Re:forgiveness of debt 8 Months, 3 Weeks ago	Karma: 3
It depends on what type of property it was. Was the property her primary residence or Rental property? Your answer will determine the proper presentation on the return. Enter code here Please note, although no boardcode and smiley buttons are shown, they are still useable

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