So, what has been decided?
Where and how do we report the 1099C's for cancellation of debt on the many foreclosures from last year?
Where and how do we report the 1099C's for cancellation of debt on the many foreclosures from last year?
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You aren't going to get any 1099-Cs. The new law says you get to exclude up to $2 million of debt forgiveness.
TTB just posted coverage of the new law at http://www.thetaxbook.com/updates_view.asp?ID=96
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