Discussion:1099-A on 1st Mtg - What about 2nd Mtg?
From TaxAlmanac, A Free Online Resource
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.
From TaxAlmanac
Discussion Forum Index --> Advanced Tax Questions --> 1099-A on 1st Mtg - What about 2nd Mtg?
Discussion Forum Index --> Tax Questions --> 1099-A on 1st Mtg - What about 2nd Mtg?
| 6 February 2008 | |
| My client received a 1099-A for the first mortgage on an investment property. I know to report this as a sale on Sch D. The FMV is greater than the principal outstanding - - because there was a second also. When reporting the sale the 4797 reflects a loss. This is because the 2nd mortgage of $65k hasn't been factored in anywhere. What do I do with the 2nd? | |
| 7 February 2008 | |
| Depends on state law. In many states, the owner of the property continues to be liable for the debt. | |
To join in on this discussion, you must first
log in.
