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I received a 1099c for a rental property in 2017. I have net
I received a 1099c for a rental property in 2017. I have net long term capital loss carryover (Sch D) that vastly exceed that amount. Can I offset that gain from the 1099c with the carrryover? How? … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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Trying to figure out how to handle a 1099c form. A rental
a rental property sold in short sale, had a second mortgage, negotiated the second and paid off then received huge 1099C of over 50k. I only live on SS and another rental income, this was about 5 yrs ago. just 2016 1099c … read more
Lane
Lane
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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
Anne
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I have to amend 2013 with 1099C. House was 100% rental.
Hi. I have to amend 2013 with 1099C. House was 100% rental. Bought $270,000 in 2004. Foreclosed 2013. Declared Bankruptcy 2010 with debt for house discharged. FMV on 1099C is $175000, Category B and d… read more
Lev
Lev
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Bachelor's Degree Equivalent
30,448 satisfied customers
I had a rental/investment property in Myrtle Beach. After two
I had a rental/investment property in Myrtle Beach. After two years of rentals the market fell out. I tried a short sale but the property was foreclosed on in 2012. I received a 1099A and filed it wit… read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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I have a Cancellation of Debt ($15 plus) from the lender for
I have a Cancellation of Debt ($15 plus) from the lender for the acquisition loan (and subsequent modification rolled into the loan) on my rental property. I was insolvent in excess of the COD at the … read more
Lev
Lev
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Bachelor's Degree Equivalent
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I had a nonrecourse loan on investment property (loan balance
I had a nonrecourse loan on investment property (loan balance $495k), we short sold the property for $290k. We got a 1099C reporting $205k cancelled debt. Our adjusted basis in the property is $510k a… read more
Lev
Lev
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Bachelor's Degree Equivalent
30,448 satisfied customers
Regarding post on tax attributes (Form 982 with COD on rental
Regarding post on tax attributes (Form 982 with COD on rental property). My situation is similar expect I have NOL & Loss Carryover on rental (my income was too high take them). My COD is $290,926 (I … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,448 satisfied customers
My wife and I did a short sale last year on an investment property
My wife and I did a short sale last year on an investment property and received a 1099-C for $160K on the first and a 1099-C for $40K on the second. Both were purchase loans. On the investment propert… read more
Lev
Lev
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Bachelor's Degree Equivalent
30,448 satisfied customers
How do I report a rental 1099C income using insolvency exclusion
How do I report a rental 1099C income using insolvency exclusion and reduce basis? Can I still use the Loss on the sale of property? and exclude the entire amount 1099c insolvent?… read more
Lev
Lev
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Bachelor's Degree Equivalent
30,448 satisfied customers
I had a triplex, investment property. I lost it to short sale. I
I had a triplex, investment property. I lost it to short sale. I received a check for 3550 payment for cash incentive 1099-c for 229080.18 and another 1099-c for 19,999.79 and a 1099-s for 115000 and … read more
Lev
Lev
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Bachelor's Degree Equivalent
30,448 satisfied customers
Client foreclosed on their rental property in 2009. An NOL
Client foreclosed on their rental property in 2009. An NOL occurred as a result. In that same year they completed a loan modification on another rental -- a 1099-C was received. I am completing Form 9… read more
Jax Tax
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I have a residential rental property that will be sold as a
I have a residential rental property that will be sold as a short sale in a week or so. The adjusted basis (cost plus improvements) is 330k. The selling price is 180k. The bank has other charges that … read more
RD
RD
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Master's Degree
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I will be getting a 1099C for a rental property sold below
I will be getting a 1099C for a rental property sold below the mortgage amount. The Forgivness of Debt is taxabke income. I have a passive loss for the year I owned the house. Do the losses become a d… read more
Lev
Lev
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Bachelor's Degree Equivalent
30,448 satisfied customers
Sold house in 2004 as part of a short sale to lender. Got a ...
Sold house in 2004 as part of a short sale to lender. Got a 1099 for 21k about a year later. Tax guy filed it as income for last year so I ended up owing $7k in taxes. Should I ammend my taxes from 20… read more
Christopher Phelps
Christopher Phelps
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Lst year I was given a forgiveness of a debt by a mortgage ...
Lst year I was given a forgiveness of a debt by a mortgage company. They sent me a 1099c for $98000. I can't even imagine paying the tax on this. My taxes have stumped H&R Block so I went home and fou… read more
Christopher Phelps
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Do I need to report a 1099 C (cancellation of debt) ...
Do I need to report a 1099 C (cancellation of debt) form when I do my taxes? the debt was credit card debt… read more
Christopher Phelps
Christopher Phelps
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Can passive losses be used to offset Cancellation of ...
Can passive losses be used to offset Cancellation of Debt income from the pasive activity?… read more
Christopher Phelps
Christopher Phelps
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