Discussion:1099-A with misstated FMV (too low)
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 with misstated FMV (too low)
Discussion Forum Index --> Tax Questions --> 1099-A with misstated FMV (too low)
NubbersMom (talk|edits) said: | 29 January 2008 |
| I received a 1099-A for my personal residence, which I let go to foreclosure last year. It lists my outstanding principal balance as $140k and the FMV of the property as $80k. The $80k is a bogus number! The property appraised at $175k 4 months prior to the foreclosure. Also, they property was sold by the bank for $150k. I'm patiently waiting to see if I get a 1099-C. If I do, i'm assuming the IRS is going to hit me with "other income" for the difference in the $140k and the $80k. What can I do??? I have tax records, copies of the deeds w/ $150k consideration right after foreclosure (<45 days). Can I really put up a fight against Wells Fargo to revise their form? Help!!! | |
To join in on this discussion, you must first
log in.
