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How to Report a Foreclosure to the IRS

Business Entity Selection and the Tax Consequences of Converting

A foreclosure on rental property technically involves the sale of the property back to the lender. Form 1099-A Acquisition or Abandonment of Secured Property reports that the lender has repossessed or foreclosed on the property. Box 2 is the amount of the outstanding mortgage debt, and

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Posted in Asset Classification, Capital Gain, Capital Loss, Foreclosure, Passive Activity, Rental Real Estate, Taxable Income

Identity Theft Manifesting Itself Through Surprise Arrival of IRS Form 1099-C from Collection Agencies Reporting Cancelled Debt as Income

The Perturbing New Treatment of Patents Under the Tax Cut & Jobs Act (TCJA)

Identity Theft Manifesting Itself Through Surprise Arrival of IRS Form 1099-C from Collection Agencies Reporting Cancelled Debt as Income I've been asked 3 times in the last 24 hours or so about how and why an IRS 1099-C form was

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Posted in Cancelled Debt

Reporting 1099-C income, cancellation of debt income exclusion – IRS form 982

Debt that is forgiven is considered income for taxes purposes and is reportable to the IRS.  The debt forgiven is reported by the lender to the IRS on form 1099-C.  The debt forgiven is reported by the taxpayer as other

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Posted in Cancelled Debt

Filing IRS Form 1099-C as a ‘non-applicable entity’ for someone else is not necessarily fraud

During 2002 and 2003, Mary allowed her daughter Susan and son-in-law Robert to charge $30,238 on her American Express account. Dumb Ass! As predicted and on queue, the couple divorced and could no longer make payments for their charges to

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Posted in Cancelled Debt, Tax Problems & Requests, Tax Relief, Taxable Income
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