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05/24/2012 at 04:51PM PDT

Important Announcement! A planned system-wide upgrade will take place over the Memorial Day Weekend in the US (From Thurs, May 24, 2012 at 6 pm PDT thru Tues, May 29, 2012 at 5 am PDT). This includes QuickBooks, QuickBooks Payroll, Point of Sale, & Salesforce.com. This is only for US based products. This does not affect QuickBooks Online customers! During this time, you can shop, but can’t place orders online, activate products or update account info. We apologize for the inconvenience & thank you for patience while we improve our infrastructure to better serve you. International versions are unaffected. For more info, see our community discussion.

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02/21/09 9:46am PST
Viewed by asker 02/23/09 10:54pm PST

Main Residence Canceled Debt Taxable for California?

ProSeries : 2008

I have a customer who lost his main residence on short sale. He received a 1099-C for $573K of debt canceled but a FMV of $0. He also received a 1099-S of $167K, that is the short sale value.
If I complete the Home Sale and the Debt Worksheets I can cancel the debt taxes by a qualified primary residence. However when I transfer to the state, California will charge him taxes on the cancelled debt.
Am I missing something here?

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