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I was granted a chapter 7 discharge in 2010. I left my
I was granted a chapter 7 discharge in 2010. I left my personal home in 2015. It was sold last year . I have received a 1099-Cfor it . Do I include the fair market value as income? … read more
Lev
Lev
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Bachelor's Degree Equivalent
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I received a 1099 c from from home equity line of credit for
i received a 1099 c from from home equity line of credit for a charged off loan back in 2015. I used the money to add a familiyroom. I also had my 1st mortgage restructured early in 2016. Does this qu… read more
Chad EA, CDFA®, CFP®
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I received a 1009-c from my mortgage company and this is the
Second opinion] hello, i received a 1009-c from my mortgage company and this is the last step on my tax return. not sure how to enter it. not sure if i should be excluding the cancelled debt from taxa… read more
Lev
Lev
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Do I need to submit Form 982 w/ a 1040x if F982 is filled
Do I need to submit Form 982 w/ a 1040x if F982 is filled out w/ discharge of a qualified principal residence (1e and 2)? I rec'd a 1099-C for a settled debt for a Promissory Note created in March of … read more
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I filed bankruptcy on two jointly owed rental properties
I filed bankruptcy on two jointly owed rental properties with my spouse. My spouse was a codebtor on the mortgages but did not file bk. The underlying mortgage debt was discharged in 2014. Now, I am r… read more
Anne
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Did a deed in liue 2014 house sold 2015 have not received a
did a deed in liue 2014 house sold 2015 have not received a 199c … read more
Lev
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My wife & I had to file a Chapter 7 Bankruptcy in 2015. All
My wife & I had to file a Chapter 7 Bankruptcy in 2015. All debts were discharged, including the mortgage on our principle residence. We moved out of the house and to an apartment, as we could not aff… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I never received a 1099-C but just received a letter from IRS about amending taxes and owe
I never received a 1099-C but just received a letter from IRS about amending taxes and owe 981.$ but what I have researched and found the company did a judgement renewal in 6/2013 not a cancellation o… read more
Lev
Lev
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Bachelor's Degree Equivalent
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chris my situation is a convoluted one, but in a nutshell
hello chris my situation is a convoluted one, but in a nutshell I received a cp2000 notice back in December, then spoke to an agent. She send me form 982 to fill out and now I received a notice of def… read more
Mark D
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I received a 1099-c on a debt that the original creditor discharged
I received a 1099-c on a debt that the original creditor discharged around the year 2000. Many years later, I receive a call a notice that I owe someone else for this debt. The statue of limitations h… read more
Lane
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I had a first mortgage and an ELOC on rented real estate and
I had a first mortgage and an ELOC on rented real estate and am in Chapter 13. The bank foreclosed in May 2013, petitioning the BR court for the sale to satisfy the first mortgage only. I received a 1… read more
Lane
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I had a student loan forgiven (cancelled due to disablity).
I had a student loan forgiven (cancelled due to disablity). My question is: is it taxable? Thanks… read more
taxmanrog
taxmanrog
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Hello, Randall, If a C Corp paid out $50k in a secured personal
Hello, Randall, If a C Corp paid out $50k in a secured personal loan interest to a NON-shareholder of the C corp in 2010, and 2011, BUT - did not send out a 1099-INT for these years, what is the remed… read more
R. Klein, EA
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Master's Degree
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We had a second, rental house foreclosed in July of 2010.
We had a second, rental house foreclosed in July of 2010. We still live in our primary residence. In May of 2011, we filed for Chapter 7, which was discharged in August of 2011. Our question is, when … read more
Lev
Lev
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Good Morning. I just want to verify that I did this correctly.
Good Morning. I just want to verify that I did this correctly. Here are the facts. Partnership 1 had 25,000 credit card debt discharges in bankruptcy on 9/30/2010. However, the 1099-C does not have bo… read more
CGCPA
CGCPA
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In 2009 a 1099-A was issued due to a foreclosed residential
In 2009 a 1099-A was issued due to a foreclosed residential income property. On the 2009 tax return a Form 4797 was completed showing the sale of the property, recording a gain. The sales price used w… read more
BK-CPA
BK-CPA
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My husband died in 2008. I filed chapter 7 bankruptcy in 2009,
My husband died in 2008. I filed chapter 7 bankruptcy in 2009, for him, myself, and the company he owned,and all personal and business debts were discharged, including the house, in 2010. I filed 2008… read more
Wallstreet Esq.
Wallstreet Esq.
Tax Attorney
Doctoral Degree
586 satisfied customers
We did a short sale on our house in 2006 and are ...
We did a short sale on our house in 2006 and are wondering if the cancellation of dept is to be counted as income on our tax return. How do we now if we were considered insolvent at the time of the ca… read more
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Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

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