Re: Debt Forgiveness when a credit is used to pay a mortgage

Posted by Why Chat (209.240.205.61) on June 16, 2004 at 23:35:43:

In Reply to: Re: Debt Forgiveness when a credit is used to pay a mortgage posted by learned my lesson and still paying on June 16, 2004 at 21:35:24:

I do not know what qualifications your "tax lady" has, the rules are simple, (linked below)

If a portion of the forgiven debt includes interest amounts that you would normally have been able to deduct on your return,(such as interest payments on business property ) then you do not include that amount, however this would apply to forgiven debt to a business, not a credit card or personal loan forgiven debt.

If you were considered indigent during the year you received the 1099, then you can apply for THAT exemption.

Perhaps you might consider obtaining the advice of a tax consultant who is more competant.

• 1099C

Follow Ups:

Post a Followup