foreclosure property tax liability
1st foreclosure vacated, 2nd has new figures and new abandonment date?
Our property was foreclosed on in 2009, however, due to a clerical error that foreclosure was vacated. We recently received a new 1099a form with a date that is over 1 year different from the first 1099a form and all the figures are different. The court papers all show the same case number, therefore, does this mean that this second foreclosure reverts back to the 2009 date or what. Our accountant filed the first 1099a form with our 2009 taxes and in figuring our assets/liabilities said that we would be found insolvent. What are the tax implications on this matter? Where could our accountant get detailed information on this matter to correctly handle it on our current taxes?
Your accountant will know what to do and where information is available. Give him the details and let him carry on.
