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Hi Megan, You mentioned the insolvency issue with respect

Hi Megan, You mentioned the insolvency...
Hi Megan,

You mentioned the insolvency issue with respect to a 1099-C. Is that insolvency statement supposed to include the mortgage liability and real estate asset for the very property that received the 1099-C in the first place?
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Answered in 3 minutes by:
10/11/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
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Megan C :

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

Megan C :

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Megan C :

Yes, the insolvency is listed right before the debt was forgiven, so it will include the debt on that property as a liability and the house as an asset

Megan C :

Is there anything else I can assist you with today?

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No, sorry to bother you. Thank you very much.

Megan C :

You're not bothering me at all!!

Megan C :

Please come back with any question you may have. That's what I'm here for!

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:-)

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Before stepping out, please rate as "excellent" so that I may receive credit for assisting you today

Megan C
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