1099A Received from Wells Fargo, Tax Implications?

Posted by Joe K. on January 28, 2008 at 17:30:07:

Just received a 1099A as a result of my foreclosure back in February 2007. It lists the "Balance of principal outstanding" as 121,600 and "Fair Market Value of Property" as 127,133. From what I have read, this means I have not experienced a Cancellation of Debt and should not have to report this on my income taxes. Can anyone advise me differently?

Follow Ups:


Name    : 
E-Mail  : 
Subject : 

Comments:

 

      The "Reply" function is disabled for older messages.
Please visit the Foreclosure Discussion Board for current discussions.