Re: 1099-C confusion
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Posted by LadynRed
(199.91.33.254) on January 15, 2003 at 14:25:24:
In Reply to: 1099-C confusion posted by JM on January 15, 2003 at 13:46:22:
Only certain banking/lending and gov't institutions can issue 1099-C's .. so your brother cannot. However, he should be able to write off at least part of that 8K as a loss to help offset the 1099-C. IF your brother can prove insolvency, then he may not have to claim that 1099-C at all. Obviously, the IRS makes that tough but not impossible.
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