Received Form 1099-A that showed FMV Of property greater than principal balance owed. House foreclosed in 2017. Spent $10,000 to prep house for sale. Any tax impact?

ljlacerra · ‎June 6, 2019

MarilynG · ‎June 6, 2019

Not yet. If the foreclosed property was your personal residence, you don't need to report the 1099-A in your return.

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MarilynG · ‎June 6, 2019

Not yet. If the foreclosed property was your personal residence, you don't need to report the 1099-A in your return.

Here's more info:

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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