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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15610
Experience:  15years with H & R Block. Divisional leader, Instructor
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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.
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Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year 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.