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Form 982 refresher


ILLMAS

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TP received two 1099-C, one was for a foreclosure on a rental property and the other one was for deceased spouse debt and because of the foreclosure, they now have a capital gain on the disposal of the property.  I know the foreclosed property is treated as a sale (Form 1099-A was not issued, but sales closing statement was provided),  but can the gain be excluded on form 982?   TP is insolvent and not in bankruptcy. 

 

 

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