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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] 1099-C and Deficiency Judgement Posted by Melvin on February 14, 2002 at 8:14 AM I have rental property in Ohio that recently foreclosed and I received a 1099-C from the bank for $7000, the fair market value was $75000 and the Mortgage amount was $82000. I know I have to pay on the $7000 and put on my schedule E as rental income, but does this mean I am off the hook for a deficiency judgement? In addition, the adjusted value of the house is $109,000 would I have a long term capital gains loss of $27,000? Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : I have rental property in Ohio that recently foreclosed and I received a 1099-C from the bank for $7000, the fair market value was $75000 and the Mortgage amount was $82000. I know I have to pay on the $7000 and put on my schedule E as rental income, but does this mean I am off the hook for a deficiency judgement? In addition, the adjusted value of the house is $109,000 would I have a long term capital gains loss of $27,000? Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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