myallaly
Level 1
12-07-2019
05:25 AM
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Is this reportable? Will a 1099C arrive next year?
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TaxGuyBill
Level 15
12-07-2019
05:25 AM
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A 1099-A is reported as if the property was sold. If it was a personal-use property and sold at a loss, the loss won't be deductible.
Whether or not a 1099-C comes or not, I don't know. But the 1099-A does NOT show any cancellation of debt, just that the property was disposed.
Whether or not a 1099-C comes or not, I don't know. But the 1099-A does NOT show any cancellation of debt, just that the property was disposed.
