The taxpayer has defaulted on 7 properties and has received 1099-A s where the difference between what he owes and the worth of the properties is $1,600,000. He is going through the bankruptcy process and needs to file his 2007 return. How does the bankruptcy affect the filing of the 1099-As; and is form 982 appropriate to relieve him of the responsibility to pay taxes on the difference.
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1099-A and Bankruptcy
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