Anyone familiar with Form 1099A? My client received a 1099A. Box 2 shows 48904.00 and box 4 shows 69900.00. Box 5 shows that client is liable for repayment of debt. From reading the instructions for 1099A, it states that if box 4 is equal to or more than box 2 income from cancellation of debt is zero because the debt is fully satisfied and only the sale of the property is reported. I believe it would be reported on sch D if it was personal residence. However, the property is rental property. How would this be reported? Any help would be appreciated.
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