14 Jan How to Report a Foreclosure to the IRS
Posted at 00:00h
in Asset Classification, Capital Gain, Capital Loss, Foreclosure, Passive Activity, Rental Real Estate, Taxable Income
A foreclosure on rental property technically involves the sale of the property back to the lender. Form 1099-A Acquisition or Abandonment of Secured Property reports that the lender has repossessed or foreclosed on the property. Box 2 is the amount of the outstanding mortgage debt, and box 4 is the fair...