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I had some debt cancellations from credit cards that I had
I had some debt cancellations from credit cards that I had with a debt settlement company. I got a 1099C today in the mail-Will I have to pay taxes on the all the debt cancellations … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,905 satisfied customers
I rcvd a 1099C for forgiven student loan debt due to perm.
I rcvd a 1099C for forgiven student loan debt due to perm. disability for $40,000. I also recvd this past year a disability settlement for $22,000. Do I have to claim the disability settlement towards… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,905 satisfied customers
I am working on my deceased husband's insolvency. I want to
i want to know if I have to list 100% of our checking/saving accounts to insolvency if I file married jointly … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,905 satisfied customers
How do I fill our a for 982. I received a 1099c from
I received a 1099c from cancellation of debt forms, in #2 it says amount of debt discharged, where do I put that amount on form 982 … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
3,894 satisfied customers
I need to amend my efiled 1040. I got 2 1099C after I
I need to amend my efiled 1040. I got 2 1099C after I filled. I already had 1 1099C for cancelled mortgage debt excluded from income. I think I may be able to exclude the other 2 for insolvency. When … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,905 satisfied customers
Me and my husband received a 1099c for a cancelled debt. If
Me and my husband received a 1099c for a cancelled debt. If we file separate tax returns, can one of us report the entire amount as income or do we have to split the amount and report it in each of ou… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,905 satisfied customers
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
Master Tax Preparer
2,551 satisfied customers
Of A forgave a second mortgage of 50K and credit card of 14K
B of A forgave a second mortgage of 50K and credit card of 14K and issued 1099C making our income 64k higher. Given the gov health care we could end up with a giant tax bill. My reading suggests that … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,905 satisfied customers
Filing taxes. Insolvent amout from worksheet52475. 1099c
Filing taxes. Insolvent amout from worksheet52475. 1099c cancelled debt 26527.. I think I can exclude from taxes, but cant find it on 1040. I eneted 1099c info on line21 … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,905 satisfied customers
Sandy: I am a retired CPA and am reading your answer to
Hi Sandy: I am a retired CPA and am reading your answer to the "Resolved Question" about a husband and wife both receiving 1099-Ds for the one loan where they were jointly and severally liable. I assu… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
4,282 satisfied customers
My husband had to purchase his mother's house in 2008, per
My husband had to purchase his mother's house in 2008, per her will, for $80,000. He lived in it very briefly while we were split up. But when we reconciled he started renting it out. That went well f… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
As part of our year-end tax forms for 2013, we received a 1099-C
As part of our year-end tax forms for 2013, we received a 1099-C (Cancellation of Debt) from SETERUS, INC., a collections entity that took over our original home loan from Chase Morgan. The date of th… read more
Barbara
Barbara
Enrolled Agent, Paralegal
10,657 satisfied customers
on a mortgage foreclosure (1st mortgage under a securitzation)
on a mortgage foreclosure (1st mortgage under a securitzation) in Florida and the bank takes back my home, does the bank typically give me a 1099A and or a 1099c or ?… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,636 satisfied customers
My husband is on perm disability. He got his student loan
My husband is on perm disability. He got his student loan of $87,000 cancelled. We recieved a 1099 c. We are now looking into getting the tax on this "income" excluded with insolvency. the student loa… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
My spouse and I had a line of credit in our partnership name
My spouse and I had a line of credit in our partnership name (just the two of us in the partnership), with my spouse also personally liable. We filed personal BK but did not file BK for the partnershi… read more
Anne
Anne
Master Tax Preparer
2,551 satisfied customers
I got a 1099a form from a foreclosure on a second home. I need
I got a 1099a form from a foreclosure on a second home. I need to know what to do with it. Do I need to wait for a 1099c? Since the fair market value is considerably lower than the loan amount, what t… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,905 satisfied customers
My house was foreclosed on 12/23/09 and i got a 1099c in the
My house was foreclosed on 12/23/09 and i got a 1099c in the mail--How do i file and do I have pay taxes on the difference between the FMV which is $120,000.00 and the outstanding debt on the property… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
My husband and I lost our home to forclosure in January.
My husband and I lost our home to forclosure in January. Our house was put up for auction. A broker bought it. We did not recevie any money from the sale. The amount we owed on the house was 275 thous… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,905 satisfied customers
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