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Cancellation of Debt and Deferred Interest

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    #1

    Cancellation of Debt and Deferred Interest

    I have a client who short sold her home. She got a Form 1099 showing mortgage interest paid of approx 20,000. She did not pay any payments in 2009. I believe this was deferred interest on the loan. Then she got a 1099-C showing that 15,000 interest in box 3 of 1099-c is included in the COD amount of 286,000. I am not sure if she can write off the 20,000 interest or not. Anyone else run into this with COD? I have never seen it before?

    Thanks!

    GTS1101
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