1099a

[Granny]

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,

[veritas]

According to TTB

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

See page 14-11.