I have a taxpayer who transitioned their primary residence to rental property in 2014. The original sales price of the property was 122,000 in 2004.
At the time of conversion, the FMV was 54,000. In 2015 the taxpayer purchased another home that became the primary residence.
In 2016 the rental property was sold on a short sale...
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Rental Property Sold_1099C
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1099C - Out Of State Rental Property
Taxpayer gets a 1099C for cancellation of debt on a mortgage for a rental property that he owns in a non-resident state (through a mortgage modification gone bad, not a short sale or foreclosure). Is the income sourced to the state of the property as if the property generated it, or is it sourced to the resident state as intangible income? -
1099C Cancellation of 'Debt
Situation: Tax payer received form 1099C for property he owned and his parents lived in. The property was originally purchased in 1985 by the Father and taxpayer for 120k, however due to two refinances the last being 10 years ago for 157k, the property transferred to the taxpayer solely without any exchange of funds. 3 years ago the parents moved... -
Non business bad debt - do you NEED to send a 1099C
My client has a non business bad debt, he has the name, address and social security number of the person who didn't pay him what was owed. Is it necessary to send a 1099C when taking a non business bad debt? The bad debt was from a shared rent arrangement and my client was the responsible person on the lease. Does anyone know of any guidance on... -
received 1099c for non recourse loan on rental property
my client received a 1099C for a rental property he owned and sold at a short sale, it was in California (he lives in California also) where all original loans are non recourse loans. The client never refinanced. The client is not insolvent. (1) was this an incorrect sending of a 1099C - one that shouldn't have been sent - if so how would you...