1099-a

[lspiva]

recently received a Form 1099-A in the mail. On it is the following:

Balance of principal outstanding: $144,464.58
Fair market value of property: $127,798.00

which is considered the sale price. Original purchase price was $152,000.00
What is the name of your state? Texas

 

[jpathfynder]

which is considered the sale price.

If this is your question, then...

Balance of principal outstanding: $144,464.58

This is the principal balance of your mortgage. (the amount you still owed)

Fair market value of property: $127,798.00

This is either a) Appraised value by the bank at (or near) the time of a deed in lieu of forclosure -or- b) The bid it sold for when auctioned off due to forclosure.

The difference between these 2 numbers may be considered "income" to you.

Do you feel your property was worth sigificantly more than the non-appraised bid price?