Discussion:1099A Non Recourse

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Discussion Forum Index --> Consumer Questions --> 1099A Non Recourse

Sekitchens (talk|edits) said:

10 February 2007
I received a 1099a (Non Recourse) from a house that was foreclosed on in 2006. This house was a rental property at the time of foreclosure. The 1099a showes 124K as balance and 134K for "fair market value". I paid 134K for it back in 2003. How do I determine if there is a taxable amount?

Riley2 (talk|edits) said:

11 February 2007
On nonrecourse debt, if the balance on the mortgage is higher than the fmv, the balance on the mortgage is treated as the sales price to be reported on Form 4797.

Kevinh5 (talk|edits) said:

11 February 2007
also consider unrecaptured Sec. 1250 gain

Kevinh5 (talk|edits) said:

11 February 2007
This is probably a job for a professional.

Mauro (talk|edits) said:

11 February 2007
See Publication 544 and potential Sec. 121 exclusion apply ( if the test is met)

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