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TOPIC: Re:1099-c debt foregiveness

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#1282

Miami LS (User)

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1099-c debt foregiveness 4 Months, 2 Weeks ago	Karma: 0
Client gave back his rental properties to the bank. One bank forgave his mortgage and issued a 1099-C. The other bank on the second rental issued him a 1099-A. What is the difference between these forms and are they reported differently on the tax return?

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#1373

steve (Moderator)

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Re:1099-c debt foregiveness 4 Months ago	Karma: 3
When a debt is canceled financial institution are required to issue 1099-A or "C". Usually this 1099A or "C" is reported as "other income/loss" on page one of the tax return. In some situations the 1099A or "C" may be reported against the rental property on either schedule E of the tax return or the business. Check with your CPA preparer for more a detailed analysis.

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