I received a 1099 C, line 2 $152,872.65, line 3 $24,319.37, line 4 011, line 6 yes, line 7 $460,000.00. In this house I lived in 2001-2003 after that was a rental ? Please help me!
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I received a 1099 C, line 2 $152,872.65, line 3 $24,319.37, line 4 011, line 6 yes, line 7 $460,000.00. In this house I lived in 2001-2003 after that was a rental ? Please help me!
The 1099-C reports income in Box 2. Since this is a business property, this is business income.
Amount of Debt canceled (box 2). There are many exclusions and exceptions that can make all or part of this amount nontaxable. Read IRS Publication 4681. Canceled Debts, Foreclosures, Repossessions and Abandonments.
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