Re: 1099A Received from Wells Fargo, Tax Implications?
Posted by Julie on February 08, 2008 at 23:33:25:
In Reply to: Re: 1099A Received from Wells Fargo, Tax Implications?
Posted by Joe K. on January 29, 2008 at 07:14:53:
We received a 1099A from wells fargo also. We had tried to sell the house, but due to the fact the area was annexed into the city, we could not even get an "investor" to buy it. Short sale talk came up but they wouldnt even do that. Anyways, the house was foreclosed on in Feb 2007 (according to the 1099A. The FMV is less than what the principal balance ended up at. If I'm reading this correctly, due to the Mortgage Debt Relief Act of 2007, we will not have to worry about claiming the difference as income? I'd appreciate any advice here. It's only about 8k that is the difference, but if I dont have to pay anymore taxes than we already do, that would be nice. Thanks.
Follow Ups:
