Client received 1099-c Box 2 has an amount & box 7. It was taxpayers personal residence. Can anyone give me a info on how to report this. I know cancellation is normally taxable, but what about the fact that it was primary residence.
Amount of debt cancelled and fmv of property are 50,000 & 55,000 respectfully.
Amount of debt cancelled and fmv of property are 50,000 & 55,000 respectfully.
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