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Tax Payer Had A Forclosure In 2014 And Received A 1099-C For Each Taxpayer And Spouse. So Now They Have A Gigantic Tax Bill.
User Photo John Stancil
Tax Professional Level: Master Tax Advisor

If the house was your primary residence that you owned and lived in for 24 of the previous 60 months, you may qualify for an exclusion of the cancelled debt. Also, if you are insolvent at the time of the debt...   Read More
0 0 1099c
We Received A Form 1099-c For Cancellation Of Debt And My Question Is If This Debt Forgiveness Was For A Home Improvement. I Thought That I'...
User Photo Ali Khan
Tax Professional Level: Tax Enthusiast

Did you receive an answer to this question?This form can be very complicated because of the required ordering rules when reducing attributes.   Read More
0 0 1099c
I Sold My Primary Home In May 2013 As A Short Sale. I Also Rented It Out At The Time. I Qualified For A Short Sale Because I Had To...
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

There are many, many variables in the short sale of a primary residence/rental home. Much of,it depends on timing of the sale versus timing of the actual cancellation of debt versus recapture of depreciation. It...   Read More
I Recieved A 1099c Today, I Called The Company They Said "it Was Forgiven"but For Me To Take It To A Tax Person.. Well I Use...
User Photo Kathryn Morgan
Tax Professional Level: Master Tax Advisor

This is a complicated situation. It depends on what type of debt was forgiven, if it was secured by physical property, if the property was repossessed or foreclosed, if you were solvent at the time of the debt...   Read More
0 0 1099c

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