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If I have debt that was forgiven, and I was insolvent at the
If I have debt that was forgiven, and I was insolvent at the time it was forgiven, but the lender did not provide form 1099-C, can I still exclude the cancelled debt from income?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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Tax question: 1. 1099-C, box 2 is $230,000. House was
Tax question: 1. 1099-C, box 2 is $230,000. House was foreclosed and it was owned 2 out of 5 years prior to foreclosure as principal residence. Can all the gain be excluded? How do I fill out form 982… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
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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
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I sold my home last year that was used as rental property
Hello, I sold my home last year that was used as rental property for $165K minus commission and buyer's closing cost. I had 2 mortgages on the home 1st - $128k 2nd $38k. The second mortgage was forgiv… read more
Lane
Lane
JD, CFP, MBA, CRPS
Doctoral Degree
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If a person consolidates their debt, is there such a thing
if a person consolidates their debt, is there such a thing called insurgency for the settlement of debt, so you don't have to pay taxes on the unpaid balance?… read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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Tax question If you are t with a 1099c for $250,000 and 1.
Tax question If you are hit with a 1099c for $250,000 and 1. You cannot afford to pay it (make $60K/year with a kid), and 2. Have a $100,000 investment account 3. All combined household items, jewelry… read more
Barbara
Barbara
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Received 1099C from creditcard company off of debt.
Received 1099C from creditcard company off of debt. This exceeds my income.Do I have to include as income on my tax form… read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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Re 1099-C Mort Principal Bal Reduced. Cash Out Used to Make
Re 1099-C Mort Principal Bal Reduced. Cash Out Used to Make Investment. Hello-We bought our house in 2006 for $350K and put $50K down. In 2009, we took cash out of my primary home ($200K) to buy vacan… read more
USTaxAdvising
USTaxAdvising
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Bank of America recently sent me an offer to reduce my
Hello,Bank of America recently sent me an offer to reduce my mortgage amount by $174000.In the letter they said i would be responsible for any tax burden on this amount.They also state,quote"currently… read more
CGCPA
CGCPA
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What do I do? I have a $14,500 debt and agreed 1/2 to settle.
What do I do? I have a $14,500 debt and agreed 1/2 to settle. Forgot the 1099-c part. When I call them back to talk about this what do I tell them about it. Should they send me a new e-mail with the w… read more
Lev
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My husband and I relocated from New Hope, MN to Alexandria,
My husband and I relocated from New Hope, MN to Alexandria, MN for work. We owned our home in New Hope but were severely underwater. Despite this we attempted to sell the home for the past 9 months. N… read more
CGCPA
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I now have a note on a property with a bank that does not want
I now have a note on a property with a bank that does not want to renew the note because one of the partners have filed bankruptcy. We have tryed to get financing but the realestate value has gone dow… read more
CGCPA
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If a bank is taking a reduced mortgage payoff as part of a
If a bank is taking a reduced mortgage payoff "as part of a litigation negotiations" are they required to report the reducted portion to the IRS by way of a 1099-C?… read more
CGCPA
CGCPA
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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.
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I have a neice who has TBI from a fall 1 year ago. At the
I have a neice who has TBI from a fall 1 year ago. At the time of the accident she had no income or savings no health benefits. She had CC debt of $3600.00 which she just received a 1099 C form. She n… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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Hi - I purchased a home in 2005. lived there till 2008; had
Hi - I purchased a home in 2005. lived there till 2008; had to relocate to another city so I rented it out. House values and rents dropped while mortgage increased. I am now "under water" and consider… read more
BK-CPA
BK-CPA
Bachelor's Degree
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GOT A 1099-C FORM FOR 3900.00 BUT WAS NOT CONNECTED TO A HOME
GOT A 1099-C FORM FOR 3900.00 BUT WAS NOT CONNECTED TO A HOME LOAN, I WENT BELLY UP IN 2001 DUE TO HEART ATTACK AND HAD NO FUNDS TO PAY THE 3900.00 TO BANK ONE NONE SECURED CREDIT CARD, I'VE BEEN ON D… read more
RD
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Master's Degree
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How do you fill out IRS form 982 under discharge of ...
How do you fill out IRS form 982 under discharge of indebtedness in a title 11 case and/or insolvent?… read more
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