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Guest
Guest
A friend of mine has financial difficulties. She was not able to make mortgage payments and has abandoned her property since 2012. She's lived with relatives since then.
She applied for a deed-in-lieu with the bank but they said no. The bank also said the home modification program did not work for her because she didn't have a job (she still doesn't). After 3 years, she received a 1099-A from the bank showing that the fair market value of her abandoned property higher than the amount that she owes. Does this 1099-A mean the bank has reprocessed her property? Should she report the 10099-A figures on her tax return? Thanks.
She applied for a deed-in-lieu with the bank but they said no. The bank also said the home modification program did not work for her because she didn't have a job (she still doesn't). After 3 years, she received a 1099-A from the bank showing that the fair market value of her abandoned property higher than the amount that she owes. Does this 1099-A mean the bank has reprocessed her property? Should she report the 10099-A figures on her tax return? Thanks.