1099c

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  • Bonnie
    Senior Member
    • Jan 2007
    • 568

    #1

    1099c

    Married couple, taxpayer in Military owns home, but gets orders to move so they rent the home for one year and then put it on the market for sale. House doesn't sell so about 6 months later they do a short sale and get a 1099C for little over 22,000. Don't guess I can file a 982 and call this qualified principal residence debt can I, since they rented if for a year. What are options, or are there none other than to claim this as income. Does fact he is military and moved due to orders affect anything?
  • taxea
    Senior Member
    • Nov 2005
    • 4292

    #2
    Did they live in it two out of the last 5 years before the sale? Do they qualify under any of the special military exemptions on the sale?
    Believe nothing you have not personally researched and verified.

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