Form 1099-C is for the cancellation of debt income that Stan has to report on Schedule E as income. However, if Stan is insolvent, he can exclude the cancellation of debt income using Form 982 to the extent he is insolvent.
Stan had a short sale of his rental in 2016. He received a Form 1099-C from the bank. How is this reported?
Modified on: Sat, 25 Feb, 2017 at 11:13 AM
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