1. Janet's home was foreclosed upon and the mortgage holder issued her a Form 1099-A. What is the sales price Janet must use to report the foreclosure if the loan was nonrecourse, the outstanding balance of the loan was $99,000, and the fair market value of the home was $108,000 on the date of foreclosure? $9,000 $50,000 $99,000 $207,000
2. What is the deficiency in the case of a duplex that sold at foreclosure for $250,000 with a total debt of $225,000? $0 $25,000 $50,000 $475,000.