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shf1957
shf1957
Level 6
April 30, 2021
Question

how do you treat a rental that had a 1099C for the building.

  • April 30, 2021
  • 1 reply
  • 11 views

Have a client that had a rental collected rent  but I see in Feb there was a 1099C for almost 100,000.   Then I also see another 1099C for almost the same amount on their personal home.  Been depreciating the rental... do treat it as it's SOLD for that? 

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1 reply

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
April 30, 2021

do they still have the home?  theres more to this story.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    shf1957
    shf1957Author
    Level 6
    April 30, 2021

    Still kept the rental......and rented it all year...  ( 1099C is dated for early feb) and they plan to keep renting it.  I have depreciation going on it..... from prior years with a lot still left.

    Just-Lisa-Now-
    Just-Lisa-Now-Intuit Community Champion
    Intuit Community Champion
    April 30, 2021
    so did they get some kind of loan modification? why the canceled debt?
    ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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