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forgiveness of debt (1 viewing) (1) Guest
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TOPIC: forgiveness of debt
#1031
Preston (User)
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forgiveness of debt 8 Months, 2 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?
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#1032
steve (Moderator)
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Re:forgiveness of debt 8 Months, 2 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.
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