Tuesday, January 10, 2012

I reicieved a form 1099-A from a mtg co that only held 20% of the loan?

My mtg on this property was 100% finance.It was an 80/20 mtg. The mtg co that sent me the 1099-A held the 20% so box 2 is way less than box 4 ...however if you added what I owed to the 1st bank when the property was forclosed it was about $40,000 over the amount in box 4. The bank with the 80% sent me nothing. What does this mean??? Will I have to pay tax on the amount in box 2??? HELP!!!

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