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? |