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Form 1099-C for rental prop in California

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    #1

    Form 1099-C for rental prop in California

    Client received a Form 1099-C for cancellation of debt on a rental property. It is a non-recourse loan but the bank still issued form 1099-C. I thought cancellation of debt from a non-recourse loan is not reportable or taxable according to the IRS instructions. Do the banks issue 1099-C regardless of whether it is recourse or non-recourse and if yes how do we indicate to the IRS it is non-recourse and not taxable?

    Thanks!

    GTS1101
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