DW runs our rental properties but I do the taxes. This taxable year (2013) she had negotiated a price for the sale of one of the properties when it was foreclosed and was going to auction. She brought her intended buyer to the auction and he got the property at the price they had negotiated. Then, after the dust settled, we got a check from the bank (that did the foreclosure). It was called "excess funds." We haven't received anything else from the bank at year end (e.g., a 1099). My question is how I report all this on the tax form(s). I'm not even sure what tax forms)(s) I need to use. --Is it just a foreclosure, rather than a sale? (Is that as if we sold the property for $0?) Do I have to go back and do a recapture of all the depreciation we took? Are the "excess funds" reportable as (ordinary) income?I'd appreciate any help on this. It's probably not the first time that anything like this has ever happened -- but it's the first time that it's happened to me!TIAculcha
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Ana