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Reporting a large gain on the sale of a foreclosed property
December 21, 2021
Q. I work for a financial institution and we have had a situation where we have an unusually large gain on the sale of a foreclosure property due to a bidding war at auction. We have been instructed by our attorneys that any leftover funds (after the loan balance/interest/fees and our out of pocket expenses have been recovered) are due back to the member. Does this payment get reported? If so, what form and box number? I was thinking Form 1099-MISC Box 3, but wanted to consult with the experts.…
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