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1099-A

Posted by AnonymousUser on 03/29/2009 - 15:07

Received a form 1099A. According to my calculations I believe I have a loss on the sale of my vacation condo.

1099-A, outstanding loan 450,000.00
no proceeds received from sale
Basis (cost) 485,000.00
This is a recourse loan.
On the form 1099A the FMV is 350,000.00. Did I calculate this right, I went from the IRS chart on the publication on the sale of assets.

Thank you...

Sally Forbes

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