I know there are a number of exceptions where you can exclude canceled debt from income.. as far as this one:
Do you think a rental property that an indvidual owned qualfies? I did research but came away not sure if it qualifies. thank you.
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.
thanks.. I got through it.. we were able to exclude some of the 1099-C amount!
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.