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    #1

    1099c?

    First time I have had a 1099C here that indicates the client is not liable for the debt. Home foreclosure with box 5 checked no ... borrower personally liable for repayment of the debt. Do we just ignore the 1099C then. Why is one even issued if the borrower is not liable for the debt. I guess you have a sale of a home to at least look at but other than that is there any reason to have any entry on the return at all. No form 982 etc.
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    #2
    If it is truly a non-recourse loan, then you are correct that you don't need to report it on a 982 or on line 21. You just report it on Schedule D (if it is required).
    Michael

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