mrichman333 Posted March 1, 2018 Report Share Posted March 1, 2018 Hi Everyone, I have clients that refinanced their mortgage and the loan company sent them a 1099C. How do I indicate this is not taxable? Do I use for 928 and what line do I use. Thanks Mary Quote Link to comment Share on other sites More sharing options...
Lee B Posted March 2, 2018 Report Share Posted March 2, 2018 Based some reading I did last summer I believe there are certain kinds of loan modifications that can generate a taxable 1099C Your client would have received lots of information spelling this all out. Either way you need to ask your client for all of the info which hopefully they saved. Quote Link to comment Share on other sites More sharing options...
grandmabee Posted March 2, 2018 Report Share Posted March 2, 2018 the form would be 982 but you need to work the numbers to see if it qualifies for non taxable. this was in the extenders bill passed in February. Quote Link to comment Share on other sites More sharing options...
Pacun Posted March 2, 2018 Report Share Posted March 2, 2018 If that 1099-c comes from their primary residence, just use form 982 and select primary residency and (I THINK) you have to go to the second part of the form and state that you will reduce your basis but the amount forgiven. No explanation needed when primary residency and the IRS has honored all my requests. 1 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.