Client received two 1099-C's and one 1099-A in same year for one property as follows;
I see that FMV is higher than outstanding debt on bank A which is unusual but I have confirmation that outstanding principle is 43,000 per the 1098 Mort statement. That 1099-C is correct.
Pub 4681 does not discuss the implications of receiving multiple CoD's that are of different character - or at least I didn't find it.
I have worked out a few scenarios but would love some expert opinions on this multi-faceted situation.
Thanks in advance.
This post below was helpful - user; Allstar Lynn who posted on this link below - Would love your input.... 🙂
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1) Lynn is retired & hasn't posted in quite a while
2) Google DavidFogel CPA & go to his website for *numerous* articles on how to handle COD issues. He's the guru of COD (IMHO).
Here ya go:
https://fogelcpa.com/tax-articles
1) Lynn is retired & hasn't posted in quite a while
2) Google DavidFogel CPA & go to his website for *numerous* articles on how to handle COD issues. He's the guru of COD (IMHO).
Here ya go:
https://fogelcpa.com/tax-articles
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