Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

CLIENT IS DISABLE AND GOT CANCELLATION OF DEBT HOW DO I INPU

Customer Question
IT INTO MASS JA: The Accountant...
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: 1 year ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 9 minutes by:
5/17/2016
Tax Professional: emc011075, Tax adviser replied 1 year ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,243
Experience: IRS licensed Enrolled Agent and tax instructor
Verified
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.
Ask Your Own Tax Question
Customer reply replied 1 year ago
thanks
Tax Professional: emc011075, Tax adviser replied 1 year ago
You're welcome. Is there anything else I can help you with today?
Ask Your Own Tax Question
Ask emc011075 Your Own Question
emc011075
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,243
3,243 Satisfied Customers
Experience: IRS licensed Enrolled Agent and tax instructor

emc011075 is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,310 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,695 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
I am worried about the irs doing a levy on federal payments
I am worried about the irs doing a levy on federal payments because of a letter CP504 I received this week for s previous tax year that is in the CNC. I've called local office. They confirmed the tax … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
How to report cancellation of debt on rental property?
I received a 1099-C for my rental property that I held for over 1 year. According to the worksheet provided in IRS Publication 4681 I was insolvent just prior to the debt being canceled. My question i… read more
Dr Arthur Rubin
Dr Arthur Rubin
Doctoral Degree
24 satisfied customers
Form 1099-C (2016) Cancellation of Debt Box 7 Fair market
Form 1099-C (2016) Cancellation of Debt Box 7 Fair market value (FMV) of property shows zero. Why zero? The FMV is the most frequent figure on Form 1099-C. The amount in Box 2 is 111,xxx. Box 1 Date o… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
What are the federal and Oregon state taxes on profit of
What are the federal and Oregon state taxes on profit of sale of my home. My wife and I are age 81 and 77 respectively. I expect the profit will be about $400,000. … read more
abci168
abci168
Principal
27 satisfied customers
What is the purpose of irs form 2297. by signing this form,
what is the purpose of irs form 2297. by signing this form , am i giving up my right to my past refund? … read more
abci168
abci168
Principal
27 satisfied customers
Lane I am using tax software for 1099c cancellation of debt
For Lane: Lane I am using tax software for 1099c cancellation of debt and the box that asks for "debt cancelled while insolvent" it has to be equal or less than the cancellation amount? I thought you … read more
Chad Schoch
Chad Schoch
Bacehlors of Business Administration
20 satisfied customers
I am receiving a 1099c form (cancellation of debt) and I
I am receiving a 1099c form (cancellation of debt) and I wanted to know if social security counts that cancelled income towards wages earned? I am only aloud to make about $1000 roughly a month workin… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,230 satisfied customers
I am getting a 1099c form (cancellation of debt) and I am on
I am getting a 1099c form (cancellation of debt) and I am on Social Security Disability SSDI. Does this mean my social security SSDI becomes taxable? I will have to pay taxes on the 1099c but I am thi… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
FEDERAL INCOME TAX: A SINGLE WOMAN RECEIVES A 2016 FORM W-2
FEDERAL INCOME TAX: A SINGLE WOMAN RECEIVES A 2016 FORM W-2 FROM HER EMPLOYER WITH A TYPO IN THE SOCIAL SECURITY NUMBER. TO DATE THE EMPLOYER HAS NOT PROVIDED A "CORRECTED" FORM W-2. IS THERE AN IRS "… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,230 satisfied customers
I have filed bankruptcy on my discharge they have IRS ace
I have filed bankruptcy on my discharge they have IRS ace support stop5050 what does … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,490 satisfied customers
Income from federal return incorrectly transferred to state
income from federal return incorrectly transferred to state return … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,490 satisfied customers
TO TAKE THE CANCELLATION OF DEBT INCOME OFF OF THE TAXABLE
I AM TRYING TO TAKE THE CANCELLATION OF DEBT INCOME OFF OF THE TAXABLE INCOME AND HAVE ANSWERED ALL OF THE QUESTIONS CORRECTLY. THE WORKSHEET SHOWS THAT NONE IS TAXCABLE BUT THE AMOUNT CONTINUES TO SH… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,490 satisfied customers
If 3 people receive a 1099C (cancellation of debt) all for
If 3 people receive a 1099C (cancellation of debt) all for the full amount, do all 3 people have to report the full amount?That seems wrong...… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I received a 1099-C (Cancellation of Debt) for a decedent
I received a 1099-C (Cancellation of Debt) for a decedent with the decedents SSN. Would I (should I) report this on the 1041 estate return? … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Second opinion] cancelation of debt included on bankruptcy
Second opinion] cancelation of debt included on bankruptcy is taxable ?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have to fill out form 982 for a cancellation of debt of a
I have to fill out form 982 for a cancellation of debt of a rental property but I don't know which attributes to use and how explain it … read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
682 satisfied customers
I received a cancellation of debt form 1099C for my late
I received a cancellation of debt form 1099C for my late husbands estate for 2016. He passed away in 2014 and his estate was settled in 2014. Do I need to include this on my taxes? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Was looking on the article for cancellation of debt. I
Hi, was looking on the article for cancellation of debt. I received a 1099c for $35k on a rental property I own. I have over $100k in passive loss carryforwards. Can I reduce the carryforwards to offs… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
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.

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.

Show MoreShow Less

Ask Your Question

x