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We bought a home in 2006, i abandon the property like 2 or 3
We bought a home in 2006, i abandon the property like 2 or 3 years after, foreclosure was file like 2012, i have 2 mortgage loans in that loan, one for 160,000 and one for 40,000..., they send me toda… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
4,283 satisfied customers
I received a 1099-c and I already received my refund. I
I received a 1099-c and I already received my refund. I understand I need to do an amended 1040x with 982. … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,721 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
Tax Advisor
Bachelor's Degree Equivalent
40,721 satisfied customers
I went through a debt consolidation program for credit cards
I went through a debt consolidation program for credit cards and now I have received some 1099c s , I was told to fill out form 982 but how do I know if I can leave these amounts off my taxable income… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,721 satisfied customers
I am trying to fill out the form 982 for cancellation of
I am trying to fill out the form 982 for cancellation of debt i am unable to figure this out. I have 4 1099 C's that I need to fill out a form*****it will not be included in my income due to insolvenc… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,721 satisfied customers
I received a 1099-c cancelling an old credit card debt for
i received a 1099-c cancelling an old credit card debt for $19,267. i qualify for the insolvency exception and can exclude that income. how do go about filing that … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,721 satisfied customers
I am filling out Form 982 - Insolvency as a result of
I am filling out Form 982 - Insolvency as a result of receiving a 1099-C from a credit card creditor. I need to know what line items need to be included and if I need to attach any supporting document… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,721 satisfied customers
On the insolvency work sheet can a REVERSE mortgage be added
On the insolvency work sheet can a REVERSE mortgage be added as a liability for 2015? Can the full amount of the mortgage balance be used?… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,721 satisfied customers
Many years ago, I ran into financial problems and credit problems
Many years ago, I ran into financial problems and credit problems and was unable to pay back my credit cards. Now that I'm back on my feet I've started to pay some off, but haven't paid off all of the… read more
PDtax
PDtax
Owner
Master's Degree
4,797 satisfied customers
How do I figure out the amount of tax owed on 1099c? It is
How do I figure out the amount of tax owed on 1099c? It is regarding foreclosure of my primary residence.… read more
Jesse Handel
Jesse Handel
Tax Preparer and Chemist
Bachelor's Degree
161 satisfied customers
CHAD DO A FORM 982, I BELIEVE I HAVE FILLED OUT THE SOLVENCY
CHAD DO A FORM 982, I BELIEVE I HAVE FILLED OUT THE SOLVENCY EXCL. FORM......THE 1099-C FORM IS 142,000 FROM A EQUITY LINE OF CREDIT ON MY HOME.......THE HOME NOW IS (FMV) AROUND 190,000. THE CURRENT … read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,659 satisfied customers
I received a 1099-C Cancellation of Debt form on a Debt that
I received a 1099-C Cancellation of Debt form on a Debt that was taken to court as disputed and dismissed due to the company not being able to prove I owed the debt. The company was trying to sue me f… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,721 satisfied customers
Im selling my house in New Jersey on a short sale for about
I'm selling my house in New Jersey on a short sale for about $130,000 less than I owe on the mortgage. The bank has agreed to accept the offer. I understand that sometimes there is a "phantom tax" tha… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,721 satisfied customers
My wife and I have each received a 1099 C for forgiven credit
My wife and I have each received a 1099 C for forgiven credit debt. We are insolvent. Form 982 Line 2b. What else on form 982 do we fill in and what information do we need to submit to exclude from in… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
If i receive a 1099-C cancellation of debt , does that need
If i receive a 1099-C cancellation of debt , does that need to be written off on my taxes as income?? I live in California, and just went through a divorce. I have a house that may go into foreclosure… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
17,888 satisfied customers
i was given a 1099 for a short sale (forgiven 4/09) then declared
i was given a 1099 for a short sale (forgiven 4/09) then declared ch 7 bk 12/29/09. do i still have to complete form 982 and pub 4681? additionally, this was my primary residence but because of job lo… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,721 satisfied customers
Do I need to be legally declared insolvent to not claim a
Do I need to be legally declared 'insolvent' to not claim a 1099-C form for my income taxes? The debt exceeded my assets at the time of cancellation of debt.… read more
JKCPA
JKCPA
Certified Public Accountant (CPA)
Bachelor's Degree
1,796 satisfied customers
we declared bankruptcy chapter 7 in 2003. we never reaffirmed
we declared bankruptcy chapter 7 in 2003. we never reaffirmed our home and walked away from it . now the bank sent us a letter saying it was sold and we owe the taxes on the 11,000 dollars difference … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,721 satisfied customers
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