Got both 1099-A & 1099-C, same date but different FMV, questions for Foreclosure Worksheet?
Hi, I had my primary California home foreclosed on by Fannie Mae and got BOTH a 1099-C and 1099-A for it, exact same date.
Since the 1099-A lists a FMV above the outstanding principal, but the 1099-C lists $0 as the FMV (i'm guessing cuz they didn't sell the property yet), what is the right way to file this (see questions below)? Btw, both the 1099-A and 1099-C are dated the same, 4-25-12.
1.) So Specifically, under Table 1-1 Worksheet for Foreclosures and Repossessions for p4681, which FMV do i put for
question "2.) Enter the fair market value of the transferred property"? $0 as what the 1099-C lists, or $320k which is what is listed in the 1099-A?
2.) Also, under Table 1-1 Worksheet for Foreclosures and Repossessions for p4681, question "7.) Enter the adjusted basis of the transferred property", what amount do i enter here in this situation (and let's just say no improvements or depreciation claimed)?
3.) I was definitely insolvent at the time so I can either do insolvency discharge or qualified principal residence of indebtedness tho I'm not sure which is better (fyi the amount discharged was $278k)?