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    Cece123's Avatar
    Cece123 Posts: 1, Reputation: 1
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    Mar 3, 2010, 01:51 PM
    Will amount of debt cacelled on 1099c form effect
    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: 12,131, Reputation: 1307
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    Mar 4, 2010, 10:35 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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