Have a client that lost his property that the bank took back. The client was issued a 1099-A Acquisition or abandonment and box 2 ($27381.10 is more than box 4 - fmv of property $20,400). The motion to disburse proceeds - don't know if this is normal saying - a sale was set and cried on - cried - wow..anyway the home loan company bid the amount of $17,979 but the defendant redeemed the sum of $18,234.95. So how do I show this for the rental? Do it on the 4797 - recapture the depreciation znever had this situation...and I'm sure there are going to be more.
Any advice will help - due to it being the tax return of 2006 - want it off my desk.
The property was set up for rental way before be - 1996. Cost 43,241 with depreciation take 14,622 -
Help - so confussed this time of year to deal with this
Any advice will help - due to it being the tax return of 2006 - want it off my desk.
The property was set up for rental way before be - 1996. Cost 43,241 with depreciation take 14,622 -
Help - so confussed this time of year to deal with this