ILLMAS Posted March 12, 2011 Report Share Posted March 12, 2011 This the first 1099-C I am going to be doing for a client this tax season, just to make sure, there is no specail form to report the 1099-C & A? Also, if the property given up was his main home and went through bankruptcy, then there is nothing else to report. Cancellation of debt was under $100K. I am looking at instruction and from I read it seems the client does not have to report the cancellation of debt, your thoughts? Quote Link to comment Share on other sites More sharing options...
Pacun Posted March 12, 2011 Report Share Posted March 12, 2011 This the first 1099-C I am going to be doing for a client this tax season, just to make sure, there is no specail form to report the 1099-C & A? Also, if the property given up was his main home and went through bankruptcy, then there is nothing else to report. Cancellation of debt was under $100K. I am looking at instruction and from I read it seems the client does not have to report the cancellation of debt, your thoughts? I think you have to dispose off the asset. If a loss, mark it personal. Debt cancellation uses form 982 with two simple entries if it was their principal residence. Quote Link to comment Share on other sites More sharing options...
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