Sorry for delay.
Hope you be able to help me with these questions.
I am filling income tax return on TaxAct online and not sure how to do it.
1. Discharge of indebtedness to the extent insolvent (not in a title 11 case)- is this what I should mark?
2. Total amount of canceled debt excluded from gross income - total from 1099-C? I just received 2 of them so far. I had 3 more debt canceled. Should I wait?
3. Treatment of Real Property, answers yes, no, not applicable - is this a last one?
nter the amount excluded from gross income that you elect to apply first to reduce the basis
of depreciable property - ????
5.Reduction of Tax Attributes - ????
BTW, is canceled debt the same as settlement? In my case just part of debt was canceled. After reading info from you I was thinking that maybe I shouldn't have paid my debt at all.
Thx for your help.
6. Reduction of Basis - ????
7. Reduction of Tax Attributes - ???