Form 1099A Abandonment Foreclosure Do I really have to pay taxes on the diff between the FMV & my mortgage?
The FMV of the house is listed as ,000 and the loan is 7,000. The house was in my name. I filed bankruptcy and did not reaffirm the property. It is business debt. Do I have to pay taxes as if I had 9,000 (7K-K) in income? I don’t make enough to pay this much in taxes! I am so scared. Please help!
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Tagged with: bankruptcy
Filed under: Foreclosure
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