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Having your house or home for sale as a short sale does not stop, postpone or delay the foreclosure process. This is why timing is very important. if you think you qualify for a short sale and want to avoid a foreclosure in Jacksonville, St Augustine, orange Park, Jacksonville beach, atlantic Beach, Neptune Beach, Ponte vedra Beach, Middleburg, Mandarin or anywhere else in North East Florida, talk to an expert.

Mike & Cindy Jones 904 874-0422
Keller Williams Realty

Keller Williams Realty and Mike & Cindy Jones is/are not associated with the government, and our service is not approved by the government or your lender.
Even if you accept this offer and use our service, your lender may not agree to change your loan.
If you stop paying your mortgage, you could lose your home and damage your credit.
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If sold at auction…you will have approx. 30 days to vacate.

Do I need to enter this information in my taxes? I’m assuming that I do and it will go in the "Other Income" section of my 1040.

Why was your debt canceled? That is an individual matter, and your only answer would be from the lender. If you are still paying, then the cancellation was in error and you should report it to the lender, not only to avoid being unfairly taxed, but also to make the lender aware that someone may be making accounting entries without authorization.

Box 1 Date of lender’s acquisition of knowledge of abandonment: 3/15/2011
Box 2 Balance of principle outstanding: 285,926.03
Box 3: Blank
Box 4 Fair market value of the property: 305,180.05

The amount they put for fair market value is what it was originally appraised for when we bought it. I think they ultimately sold it for 140,000.

What do I need to do?

Thank you!

According to this 1099-A, you "sold" the house back to the bank for $285,926.

If this was a non-recourse loan, you won’t get a 1099-C. You simply report the sale and show a $0 loss.

If this was a recourse loan, you still shouldn’t get a 1099-C as the bank listed the FMV as $305K.

Is there a reason you skipped over box 5, the one that tells us whether this was recourse loan or not?