My client had a short sale for one of his rental properties. He received 2 1099Cs.
first 1099c
05/22/13
box 2. $8148.58
box 7 fmv $94000
second 1099c
seem to be from a 2nd mortgage
05/26/2013
box 2 $22,421
This is a recourse debt. My client is insolvent.
Will the total debt discharged be the total of box 2?
He has other rental properties, how do I show the reduction of tax attributes? There is no NOL.
This property has other depreciable assets stove etc, how do I dispose of them?
first 1099c
05/22/13
box 2. $8148.58
box 7 fmv $94000
second 1099c
seem to be from a 2nd mortgage
05/26/2013
box 2 $22,421
This is a recourse debt. My client is insolvent.
Will the total debt discharged be the total of box 2?
He has other rental properties, how do I show the reduction of tax attributes? There is no NOL.
This property has other depreciable assets stove etc, how do I dispose of them?