Discussion:1099-C includes Interest & Nonprincipal Amounts
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| - | {{ForumNewPost|UserID=PVVCPA|Date=February 19, 2009|Text=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?}} | + | {{ForumNewPost|UserID=PVVCPA|Date=February 19, 2009|Text=If a 1099-C includes accrued interest and nonprincipal amounts (such as penalties, fines, fees and administrative costs) in Box 2 Amount Cancelled, can these amounts be subtracted from the debt cancellation income reported on the 1040?}} |
| {{ForumReplyPost|UserID=Riley2|Date=20 February 2009|Text=Any amounts that would have been deductible when paid can be subtracted. 108(e)(2).}} | {{ForumReplyPost|UserID=Riley2|Date=20 February 2009|Text=Any amounts that would have been deductible when paid can be subtracted. 108(e)(2).}} | ||
Current revision
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 Cancelled, 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. | |
