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    rom314's Avatar
    rom314 Posts: 2, Reputation: 1
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    #1

    Mar 3, 2010, 02:10 PM
    What can I do I received a 1099-c, debt canceled 152872 and fmw 4600000
    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!
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Mar 4, 2010, 09:12 AM

    The 1099-C reports income in Box 2. Since this is a business property, this is business income.
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
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    #3

    Mar 5, 2010, 03:33 AM

    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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