How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Robin D. Your Own Question
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13139
Experience:  15years with H & R Block. Divisional leader, Instructor
Type Your Tax Question Here...
Robin D. is online now
A new question is answered every 9 seconds

I have 2 questions, I have a 1099a from a foreclosure on a

Customer Question

I have 2 questions
JA: Thanks. Can you give me any more details about your issue?
Customer: I have a 1099a from a foreclosure on a rental house the fair market value is only stated at 1250. as the county states its value at 31500.It says I owed 69500.
JA: OK got it. Last thing — Tax Professionals generally expect a deposit of about $32 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.
Submitted: 7 months ago.
Category: Tax
Expert:  Robin D. replied 7 months ago.


On Form 1099-A, the lender reports the amount of the debt owed (principal only) and the fair market value of the secured property as of the date of the acquisition or abandonment of the property. You, the debtor, use these values to determine a gain or loss on the disposition of the property and report the gain or loss on Form 1040, Schedule D (PDF), and on Form 4797 (PDF), Sales of Business Property.

If you think the 1099A is incorrect you must take that issue to the lender that sent you the 1099A.

You report as if you sold the rental property.

Related Tax Questions