Discussion Archives:Cancellation of debt for rental property second mort

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Discussion Forum Index --> Advanced Tax Questions --> Cancellation of debt for rental property second mort


Discussion Forum Index --> Tax Questions --> Cancellation of debt for rental property second mort

CLAYCO43 (talk|edits) said:

30 March 2009
taxpayer received a 1099-c for rental property that was short sold for less than original purchase price, the 1099-c was for a second on the property. do taxpayer claim 1099-c amt as income

Kevinh5 (talk|edits) said:

30 March 2009
Yes he do

Harry Boscoe (talk|edits) said:

30 March 2009
Unless it be Qualified Real Property Indebtedness or whatever that stuff is called in Section 108 that doesn't be income 'cause it reduce basis instead

CLAYCO43 (talk|edits) said:

31 March 2009
THANKS FOR YOUR ANSWERS
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