Is there something Obama put through that you don't add the 1099c from a short sale onto income
what form do I use for a short sale on your home
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SusieQW
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02/06/12 2:34pm PST
Viewed by asker 02/09/12 8:51am PST
Viewed by asker 02/09/12 8:51am PST
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tilt53
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02/06/12 3:04pm PST
Only in dreams. You don't say whether this is a primary residence, 2nd home, or rental. Each is handled differently. You'll need to do some research.
Hail Cleo-Cat-Tra, Queen of Denial. I didn't do it.
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Charlotte256
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02/06/12 5:00pm PST
Quick note: Only Congress can make changes to the tax law. A President can only ask Congress to make changes, but has no actual power to make it happen.
When anyone doing nothing needs help, I will gladly help that person do nothing.
IRMN
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02/06/12 5:03pm PST
Click on the green "where do I enter" button and type in 1099C.
If this answers your question please click, um, ok I forgot what you are supposed to click. If this answered your question, how about just saying thanks and we will call it good.
SusieQW
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02/09/12 8:51am PST
I think I am going to have a lot of these, it is their primary home, they do a short sale and they are not insolvent. They are being told that a new law says they do not have to claim it as income, but I cannot find anything that would agree with them.
Maybe its the banks having a good laugh
02/09/12 8:54am PST
In the majority of cases, it's reportable, but not taxable on a primary residence. Once you enter the 1099, work your way carefully through the cancelled debt worksheet.
abctax55
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02/09/12 10:59am PST
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One of these might help; just skip the California info (unless your client is in CA).
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