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Cancellation of Debt

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  • My client John has a 1099-C cancellation of debt form from a Timeshare that was foreclosed. Amount of total debt was 20,000 and the fair market value was 28,559
  • Box 4 says Vacation Ownership Interest and Box 5 is checked. I come to know that the amount derived by subtracting 20,000 from 28,559 is what i am suppose to report for the cancellation of debt on the tax return as other income of john."
  • I am using IRS form 982 for cancellation of debt which is the result of short sale of a rental property, also Form 4797 shows a loss for this short sale and Schedule E shows a loss for activity up until time of sale as well as carryover Unallowed losses from prior years . would i loss all the losses under reduction of attributes in form 982 part 11(upto the amount of debt cancelled)
  • I received form 1099-C for the purpose of cancellation of debt from a short sale.  Prior to the sale of my home I was insolvent and due to this i am able to exclude this as income on my federal taxes. Does the same concept apply to Massachusetts state tax as well?
  • Does cancellation of debt also applies to commercial rental property in a short sale i.e. is it possible to reduce the basis in the property by using IRS Form 982  in lieu of recognizing the gain on the debt cancellation?
  • A couple was living in a sigle family home, the house was short sold and the couple stayed there only for 2/3years, What will be the treatment to a 1099-C (Cancellation of Debt) which is marked as personally liable for the debt. Can Sch D be filled to offset the impact of 1099-C"

 

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