I live in Florida. I was forced to forclose on 3 investment propertys (single family homes) in 2008. I received 2 1099A from the lenders. The third one I havent received.
The first one has 235K in box 2 and 221K in box 4 (FMV). Box 5 states I am liable for repayment of the the debt.
The second one has 252K in box 2 and 100.00 in box 4. Box 5 says I am not liable for repayment.
My CPA said I need to get these properties appraised as of the dates on the 1099A's. I am not sure of the reason for the appraisals. Please comment.
After the appraisals I need to prepare my taxes. I am self employed and make under 50K.
Question: Does it look like I will have to pay alot of taxes because of these 1099A's. Does it look like I might be in position to file bank rupcty? Also what about the third property?
The first one has 235K in box 2 and 221K in box 4 (FMV). Box 5 states I am liable for repayment of the the debt.
The second one has 252K in box 2 and 100.00 in box 4. Box 5 says I am not liable for repayment.
My CPA said I need to get these properties appraised as of the dates on the 1099A's. I am not sure of the reason for the appraisals. Please comment.
After the appraisals I need to prepare my taxes. I am self employed and make under 50K.
Question: Does it look like I will have to pay alot of taxes because of these 1099A's. Does it look like I might be in position to file bank rupcty? Also what about the third property?