I am getting to old for this, but have a new client who has a rental and the above was issued to them for 2010...Box 2 shows 281,189 (debt forgiven) and Box 4 shows 298,237 (fair market value of property). The cost of the Condo was $225,000. I am having a terrible time trying to figure out how to report this on my software ! Bottom line,,,,Is any of this taxable and if so how much? And what form to report on? Thanks,,,, Duane Anderson
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You will need the depreciation schedule from the client.
Is the loan Recourse? What date was the abandonment? Any word on a 1099C? from the client. When the condo was refinanced, was the money used for personal reasons or major improvemnete to the Codo. When you give me this these answers, I will try and help you. Hang In There Bob -
Re 1099 A
The client used the loan to purchase a condo in Idaho in 2009....It was abondoned per the 1099A on 12./10/2010.....Thanks for your help,,,,Regards, Duane AndersonComment
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Duane I suggest put client on extension
You seem to be confused about my questions. If the client can pay any balance due with the Federal and State extensions, go ahead. E Mail me at relz@sbcglobal.net next week and I will help you complete the transaction. NO CHARGE BobComment
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Re 1099a
The client has a refund coming based everything I have, except the big question is whether is "abandonment" is taxable or not, and if taxable how much? Thannks for your consideration as I know we are all "swamped " at the moment.....Regards, Duane AndersonComment
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