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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] 1099-A from Foreclosure Posted by Sara on February 03, 2004 at 7:56 AM I received a 2003 Substitute 1099-A, Acquisition or Abandonment of Secured Property. Can someone explain this to me? The house was foreclosed on in September. Bank was granted possession on 11/13/03. Balance owed, 101,660.41 and FMV, 136,500 It also says borrower was personally liable for debt. My husband filed a chapter 7 that included the house. This is a FHA insured loan through Countrywide Home Loans. What does my husband file on his taxes? I don't understand it. Does this mean we report the 101+ thousand as gain income? Does the chapter 7 not eliminate this? Please advise! Sara Follow Ups: Tax liability for a foreclosure deficiency.... Ward-CA- 4:48 PM, 02/05/04 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I received a 2003 Substitute 1099-A, Acquisition or Abandonment of Secured Property. : Can someone explain this to me? : The house was foreclosed on in September. Bank was granted possession on 11/13/03. Balance owed, 101,660.41 and FMV, 136,500 : It also says borrower was personally liable for debt. My husband filed a chapter 7 that included the house. : This is a FHA insured loan through Countrywide Home Loans. : What does my husband file on his taxes? I don't understand it. Does this mean we report the 101+ thousand as gain income? : Does the chapter 7 not eliminate this? : Please advise! : Sara 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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