TP receives 1099A for abandonment of Secured property (1/30/17) which was the home she lived in. I've never done one but this has in box 2....$142455, balance of principal outstanding.....box 4...$91,000 for FMV.....box 5 is checked showing borrower as personally liable for repayment.
Original date of loan was 2006.
How do we determine what gets taxed?
Any reprieve from taxation?
What other information do I need besides original loan amount?
Thanks.