asked

I received a 1099-A for a rental home that I abandoned. The principal balance is lower than the fair market value. I did not receive any proceeds from a foreclosure or sale of the property, and I was never able to lease the property, although I made mortgage payments for about 6 months. How do I calculate my adjusted cost basis of the property and do I owe tax on the difference?

November 20th, 2024

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