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In 2013 loan on rental home modified with lower interest and better payment. 1099C received. $135000 cancelled from loan. Where is this amount going to be entered on the return? Is it going to be included in Schedule E?
See TTB pages 14-11 to 14-13. I don't understand how COD results from lowering the interest rate. Pg. 14-11 says COD income from non-farm rental real estate goes on Schedule E. I would be exploring the details and looking for an exception to it being income.
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