ILLMAS Posted April 4, 2009 Report Posted April 4, 2009 Client recieved a 1009-A for his home he gave up in foreclosure, since this was his personal home for more the 6yrs and the FMV is under 250K, do I need to include it on his tax return? If so, what form to use 4797, even though it's not an investment property? Thanks, Quote
ILLMAS Posted April 6, 2009 Author Report Posted April 6, 2009 Client recieved a 1009-A for his home he gave up in foreclosure, since this was his personal home for more the 6yrs and the FMV is under 250K, do I need to include it on his tax return? If so, what form to use 4797, even though it's not an investment property? Thanks, Anyone?? Quote
imjulier Posted April 6, 2009 Report Posted April 6, 2009 Look at Pub 544 on page 4 and/or 5 at the foreclosures and repossessions section. You have to figure out gain or loss first and then worry about how to report. Personal losses are not deductible and not reported. I think gain would go on Sch D but maybe you can re-post if its a gain and see if I'm right. Julie Quote
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