1099a

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  • Granny
    Junior Member
    • Feb 2007
    • 7
    #1

    1099a

    Client received 1099A for rental property loss in foreclosure. Bx 2 is 57346.00 and bx 4 is zero.

    Basis in property is 57000.00 plus depr. Client was not personally liable. I know I would show this as a sale on 4797 but what would the sales price be, bx 1 or bx 4?


    Thanks,
    Tags: None
    • veritas
      Senior Member
      • Dec 2005
      • 3290
      #2
      According to TTB

      FMV of property secured by nonrecouse debt is irrelevant to the calculation of gain or loss.

      See page 14-11.

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