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No not a relative
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I did check Pub 537 regarding therules to figure gain or loss from the disposition of an installment obligation. My question is where to enter it in ProSeries.
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Individual who owed debt came on hard times & my client forgave the debt.
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I also was wondering that about the 1099-C.
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Form 6252 Installment Sale - Taxpayer forgave balance due. I believe I need to calculate new adjusted basis, Where do I enter this?
