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1099-C Cancellation of Debt

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    #1

    1099-C Cancellation of Debt

    Can anyone tell me if my client received a 1099-C cancellation of debt for his home. date of event 3/28/2018, amount of debt discharged is $21,127.30. FMV is $134,000.00 event code G and yes he is personally liable for repayment. this was his mortgage. Please if anyone can help with this, I would really appreciate it.
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    #2
    David Fogel has some excellent articles that will help you work out the correct treatment. https://fogelcpa.com/tax-articles

    Also look at TTB page 6-24.

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      #3
      Also, Lisa Ihm at BrassTax.com has COD worksheets in Excel format for download:

      Practice Aids - Brass Tax Presentatios
      https://brasstax.com/practice-aids
      Practice Aids Access free resources created by Brass Tax to help streamline your preparation process.

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