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1099-C
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MGC94
Level 7
03-21-2023
08:13 AM
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Taxpayer never brought in 1099-C in 2021 for $26,000 from citi mortgage company. They got a letter that they owe the IRS $7,505. Is there anything that can be done about this?
Thank you
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3 Comments 3
Skylane
Level 11
03-21-2023
08:28 AM
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Check insolvency rules. If it’s CC debt and the taxpayer had more debt than equity you can look at the insolvency worksheet. You’d have to amend 2021 return.
https://www.irs.gov/pub/irs-pdf/p4681.pdf
If at first you don’t succeed…..find a workaround
qbteachmt
Level 15
03-21-2023
12:17 PM
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Did you read about non-recourse States for mortgage debt?
https://www.investopedia.com/ask/answers/08/nonrecourse-loan-vs-recourse-loan.asp
And which States?
"Which states are non-recourse mortgage states?
There are 12 states that, by law, only allow nonrecourse loans. These are known as “nonrecourse states,” and they include Alaska, Arizona, California, Connecticut, Idaho, Minnesota, North Carolina, North Dakota, Oregon, Texas, Utah and Washington."
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