Form 1099-A : Acquisition or Abandonment of Secured Property

[tom777]

I have a client with this form 1099-A

Line 1: Date

Line 2 : Balance of Principal outstanding : $ 61245

Line 4 : Fair Market value of Property : $ 74,000

Line 5 : Was borroer personally liable for repayment of the debt : Yes

I think I should file the Sch D with the sale price as Market value $74000. Please correct me if I am wrong. Please advise !

Thanks for your help.

Tom777