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emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3173
Experience:  IRS licensed Enrolled Agent and tax instructor
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How do I figure gain or loss on a foreclosed main home? I received

Customer Question

how do I figure gain or loss on a foreclosed main home? I received a 1099-A showing a loan balance of $161,200 and a fairmarket value of $175,000. I purchased the house for $173900.
JA: The Accountant will know how to help. Please tell me more so we can help you best.
Customer: The home was purchased in aug of 2012. There has been no forgiveness of debt.
JA: Anything else I can tell the Accountant before I connect you two?
Customer: no just need to know how to figure gain or loss and if loss how to report it
JA: I'm sending you to a secure page on JustAnswer so you can place the $5 fully refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and connect you two.
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.
Hi. My name is ***** ***** I will be happy to help you. If the 1099A is for your principle residence you will not be able to claim a loss and based on information your provided you will not have a gain. You can ignore it. In 95% of cases you do not need to report sale of personal residence on your tax return.
Expert:  emc011075 replied 1 year ago.
Any questions? Is there anything else I can help you with today?
Expert:  emc011075 replied 1 year ago.
I see you offline now. So if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.