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I have two cancellation of debt questions, I have a customer…

HI - I have...

HI - I have two cancellation of debt questions

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I have a customer that got a portion of her home loan modified ...and received a 1099 c for it ... I think I can use a 982 to reduce basis instead from what I am reading ... but want to confirm my train of thought

Accountant's Assistant: Is there anything else important you think the Accountant should know?

No ... should I ask the second question now or wait for this answer

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Answered in 5 minutes by:
4/17/2017
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,700
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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You can use the form 982. Because the home was kept you need to reduce the basis of the home by the amount that is excluded. This will be used when they do sell but they do not lose the IRC 121.

You are correct.

Please rate in a positive way (look for the STARS ) so I am credited with responding.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,700
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified
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Customer reply replied 10 months ago
thanks robin ... I have a second question that I posted
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Robin D.
Robin D.
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Category: Tax
Satisfied Customers: 16,700
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Experience: 15years with H & R Block. Divisional leader, Instructor

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