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Using the Hubble space Telescope Fine Guidance Sensor, we have measured thetrigonometric parallax of the bright cataclysmic variable 1223 Sgr. Theabsolute parallax is pi(abs)= 1.96+-0.18mas, making V1223 Sgr the most distantCV with a well-determined trigonometric parallax. This distance, a Lutz-Kelkercorrection, and the previously measured extinction yield an absolute visualhigh-state magnitude Mv=4.0+-0.2. We outline a model, which is consistent withthe observed spin-down of the white dwarf and provides for much of theUV/optical emission by reverberation of X-rays. From previous X-ray andUV/optical data, we derive an accretion luminosity Lacc=(2.6+-0.8)e34 erg/s, awhite dwarf mass M_1=0.93+-0.12Msun, and an accretion rate dot M=(1.4+-0.3)e17g/s.Comment: Accepted for A&A, 9 pages, 2 figure

AnHSTparallax of the distant cataclysmic variable V1223 Sgr, its system parameters, and accretion rate