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I recently received a 1099A. Date of foreclosure December…

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Hi,I recently received a 1099A...
Hi,I recently received a 1099A. Date of foreclosure December 11, 2017. I believe the actual Fair Market Value is somewhere around $200,000, which is significantly less than what I was quoted. I disputed with the bank but they are holding firm to their FMV amount of $472,943.Also I lived in the property years ago, and although i did rent the property for some years, i haven't rented it or lived there for over 5 years. My question is what do i do now? Is this a personal or rental property? I'm not sure which scenarios gives me the least tax. I was told that i would probably receive a 1099C for next years taxes b/c most likely the property is worth less than what I owe the bank.1. Box 2 (loan amount) is $263,420
2. Box 4 (FMV) is $472,943
Submitted: 1 month ago.Category: Tax
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Answered in 22 minutes by:
3/19/2018
Tax Professional: Lev, Tax Advisor replied 1 month ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,682
Experience: Taxes, Immigration, Labor Relations
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Regarding your FMV.

Based on that reporting - there is no outstanding balance and the property was taken.

There is no reason to expect 1099C.

If the FMV is more than mortgage balance outstanding - you may ask that the difference will be paid to you.

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Customer reply replied 1 month ago
you're saying i shouldn't bother disputing the FMV being so high? Why was i told by the bank that they may issue a 1099C to me when they actually sell the property? Right now they are using the gross bid received at foreclosure for that high FMV. That bid was from the bank themselves
Customer reply replied 1 month ago
Hello, I don't believe your response above answered my question. Please see all three qustions I asked above. I am unclear
Customer reply replied 1 month ago
I'd like to cancel. Thank you
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