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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
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- Re: Cancellation of debt, taxability exception
Cancellation of debt, taxability exception
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Jim-from-Ohio
Level 11
02-06-2024
06:14 PM
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I know there are a number of exceptions where you can exclude canceled debt from income.. as far as this one:
- Cancellation of qualified real property business indebtedness
Do you think a rental property that an indvidual owned qualfies? I did research but came away not sure if it qualifies. thank you.
2 Comments 2
PATAX
Level 15
02-07-2024
06:50 AM
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Jim, this is a rare situation. I am not sure of answer. I found 10/15/2021 article by prioritycommerce.com called "Cancellation of Debt on Rental Property". Google this. Article is over two years old, so I am not sure if relevant law has changed or not, or if this article is definitive and applies to your client. Hope this helps.
Jim-from-Ohio
Level 11
02-07-2024
07:28 AM
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thanks.. I got through it.. we were able to exclude some of the 1099-C amount!
