1099-A states: Box 1 date: 2/9/16; Box 2 Balance of principal outstanding: $236,178; Box 4 FMV $315,400; Box 5 Borrower was personally liable for debt. Property was sold by lender
Acquired property: 02/01/06; Basis: $201,692, Depreciation: $84,661
I've studied Pub 544 & 4681. 544 on pg 4 says Abandonment not treated as a sale or exchange. There's also a Worksheet for Foreclosures and Possessions which would show a gain of $119,147.
I think it has to go on 4797 Part 1 with (d) $236,178, (e) $84,661, (f) $201,692, (g) $119,147 as a gain. Am I correct on this???
FMV means nothing to this, correct???
Acquired property: 02/01/06; Basis: $201,692, Depreciation: $84,661
I've studied Pub 544 & 4681. 544 on pg 4 says Abandonment not treated as a sale or exchange. There's also a Worksheet for Foreclosures and Possessions which would show a gain of $119,147.
I think it has to go on 4797 Part 1 with (d) $236,178, (e) $84,661, (f) $201,692, (g) $119,147 as a gain. Am I correct on this???
FMV means nothing to this, correct???