neilbrink Posted February 25, 2011 Report Share Posted February 25, 2011 For those of you who are processing the returns of those that have received the 1099-C's because their qualified residence was sold for less than the mortgage (or forclosed on), are you simply completing the Form 982 with the information from the 1099-C, or is there more that needs to be done. Is part 1 on the Form 982 the only thing we need to complete in this instance? This is my first 1099-C, so I appreciate the feedback. Neil Quote Link to comment Share on other sites More sharing options...
mcb39 Posted February 25, 2011 Report Share Posted February 25, 2011 I will be, but don't they have to be either insolvent or bankrupt in order for the 982 to apply? Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted February 25, 2011 Report Share Posted February 25, 2011 I will be, but don't they have to be either insolvent or bankrupt in order for the 982 to apply? http://www.irs.gov/individuals/article/0,,id=179414,00.html taxbilly Quote Link to comment Share on other sites More sharing options...
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