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Old 02-03-2011, 11:09 PM
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Join Date: Feb 2011
Location: Rhode Island
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1099-A received - How will this affect me?

My wife just received a 1099-A entitled "Acquisition or Abandonment of Secured Property" for her former principal residence that was foreclosed on 2/16/10. We were married in 2009 and she moved to my residence during that time. The house was for sale, but was forclosed before we could sell it.

Box 2 (Balance of principal outstanding) shows $83,618

Box 4 (Fair market value of property) shows $97,447

Will I have to pay income tax on this?



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