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emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2319
Experience:  IRS licensed Enrolled Agent and tax instructor
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CLIENT IS DISABLE AND GOT CANCELLATION OF DEBT HOW DO I INPU

Customer Question

CLIENT IS DISABLE AND GOT CANCELLATION OF DEBT HOW DO I INPU IT INTO MASS
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: WHATFORM DO I USE TO MAKE CANCELLATION OF DEBT ON PRINCIPAL HOME
JA: Is there anything else the Accountant should be aware of?
Customer: CLIENT IS DISABLE EXEMPT FOR FEDERAL HOW DO I GET EXEMPTION FOR MASS
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.
Submitted: 6 months ago.
Category: Tax
Expert:  emc011075 replied 6 months ago.
Hi. My name is ***** ***** I will be happy to help you. MA is one of the few states that doesn't honor the IRS exclusion for canceled debt on principal residence. The only exception is bankruptcy or insolvency. If you can proof that you client was insolvent at the time 1099C was issued, you can exclude it from his income and leave Schdule X blank.
Customer: replied 6 months ago.
thanks
Expert:  emc011075 replied 6 months ago.
You're welcome. Is there anything else I can help you with today?

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