RBS (ROSAT Bright Source) 0490 is a cataclysmic variable star (CV) with unusually strong emission lines. The strength of the emission lines has led to a suggestion that the object is intrinsically faint and correspondingly nearby (33pc), which, if true, would strongly affect estimates of the CV space density. Here we report astrometry, filter photometry, and time-series spectroscopy of this object. The astrometry gives an absolute parallax of 4.5+/-1.5mas and a relative proper motion of 102mas/yr. A Bayesian procedure gives a very uncertain distance estimate of d~300pc, and the small parallax alone implies d>133pc (at 2 standard deviations). The mean V magnitude is 17.4, which implies M_V_=10.9-5log[d/(200pc)], neglecting extinction. At 200pc, the space velocity would be over 90km/s with respect to the local standard of rest. The time-series spectroscopy shows a possible emission-line radial velocity period near 46 minutes. This would be unusually short for an orbital period, and it may represent some other clock in the system.