Chowdahead Posted February 23, 2010 Report Share Posted February 23, 2010 This is my first 1099-A and it's a doozy. Box 2 (balance of principal outstanding) says $266,000 and Box 4 (Fair market value of property) says $140,000. Client has not received a 1099-C. Property was 100% investment. I am still working on the Schedule D portion, and that's the tricky. However, I am trying to report the income on Line 21 of the 1040 and I only see 1099-C Cancellation of Debt as one of the categories. Would this simply be inputed to the manually entered fields down near the bottom. Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted February 23, 2010 Report Share Posted February 23, 2010 Why do you want to input an income for COD when it has not occurred yet? taxbilly Quote Link to comment Share on other sites More sharing options...
Chowdahead Posted February 23, 2010 Author Report Share Posted February 23, 2010 From some research that I've done, I was under the impression that it needed to be reported despite a 1099-C not being received. Quote Link to comment Share on other sites More sharing options...
Pacun Posted February 23, 2010 Report Share Posted February 23, 2010 From some research that I've done, I was under the impression that it needed to be reported despite a 1099-C not being received. Wouldn't make any sense to report COD when a 1099-C is not received because the bank can take you to court a take some other assets from you or simply leave the possibility open for 3 years. Quote Link to comment Share on other sites More sharing options...
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