Taxpayer had rental since 2004. She brought in her tax info for 2010 and stated she filed bankruptcy on rental. She received a 1099-A in 2010 and box 5 is marked yes and she received no 1099-C to date. If taxpayer filed bankruptcy on cancellation of debt from rental, would I use box 2 (loan value) as her sale price when completing the 4797 or being cancelled debt was discharged by bankruptcy, would we use the box 4 of 1099-A?
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Bankrupsy applies to her Whole assets. Please check with her that it was not just on the rental property. Her statement (your statement) sounds too narrow for tax relief.Last edited by BOB W; 03-16-2011, 09:20 PM.This post is for discussion purposes only and should be verified with other sources before actual use.
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