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Question about taxes from a foreclosure in 2000

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  • Question about taxes from a foreclosure in 2000

    I have a 1099-C from 2000 for a house that was foreclosed on in Oklahoma (while I live in California). On the 1099-C, it shows a market value of $50,000, and a foreclosed amount of $62,000.

    Do I owe taxes on $62,000 or would I owe on the difference between $62,000 and $50,000?
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