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Will amount of debt cacelled on 1099c form effect

Asked Mar 3, 2010, 12:51 PM — 1 Answer
Will amount of debt cancelled on 1099c form effect by tax return? How does thi work? I sold home short sell.

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ebaines Posts: 10,055, Reputation: 5539
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Mar 4, 2010, 09:35 AM
Income reported on 1099-C must be reported on your taxes. However, if this loan foirgiveness was because your principal home was foreclosed on, you may qualify for a credit that makes this "income" tax free. See: Home Foreclosure and Debt Cancellation and form 982: http://www.irs.gov/pub/irs-pdf/f982.pdf
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