Discussion:1099-C includes Interest & Nonprincipal Amounts
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(Difference between revisions)
| Revision as of 04:52, 20 February 2009 Riley2 (Talk | contribs) (Wouldn't seem so) ← Previous diff |
Revision as of 13:32, 20 February 2009 PVVCPA (Talk | contribs) Next diff → |
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| {{ForumReplyPost|UserID=PVVCPA|Date=February 20, 2009|Text=Thank you, Riley. | {{ForumReplyPost|UserID=PVVCPA|Date=February 20, 2009|Text=Thank you, Riley. | ||
| - | Would the nonprincipal amount qualify for the QPR exclusion, since these amounts do not represent acquisition or improvements to the home?}} | + | Would these nonprincipal amounts qualify for the QPR exclusion? These costs that are added to the loan are not acquisition costs or improvements to the home.}} |
| {{ForumReplyPost|UserID=Riley2|Date=20 February 2009|Text=Wouldn't seem so.}} | {{ForumReplyPost|UserID=Riley2|Date=20 February 2009|Text=Wouldn't seem so.}} | ||
Revision as of 13:32, 20 February 2009
Discussion Forum Index --> Basic Tax Questions --> 1099-C includes Interest & Nonprincipal Amounts
Discussion Forum Index --> Tax Questions --> 1099-C includes Interest & Nonprincipal Amounts
| February 19, 2009 | |
| If a 1099-C includes accrued interest and nonprincipal amounts (such as penalties, fines, fees and administrative costs) in Box 2 Amount Canceled, can these amounts be subtracted from the debt cancellation income reported on the 1040? | |
| 20 February 2009 | |
| Any amounts that would have been deductible when paid can be subtracted. 108(e)(2). | |
| February 20, 2009 | |
| Thank you, Riley.
Would these nonprincipal amounts qualify for the QPR exclusion? These costs that are added to the loan are not acquisition costs or improvements to the home. | |
