1099-C Cancellation of Debt

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  • debralh
    Junior Member
    • Feb 2019
    • 1
    #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.
    Tags: None
    • AZUKHiker
      Senior Member
      • Nov 2013
      • 128
      #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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        • Lion
          Senior Member
          • Jun 2005
          • 4719
          #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
          Find free Brass Tax practice aids for tax preparers — NET operating loss worksheets, energy credit cards, flowcharts, and more tools to simplify tax season.

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