how could i avoid the bankruptcy and exclude the income tax of 1099-c?
Mar 02, 2010 by Amin | Posted in United States
i have recived a 1099-c from my mortgage company which is cancelation of debt,because i did the deed in lieu of forecloser. now i have to pay the tax to irs,then i went to a cpa to eliminate the tax but my cpa says to do the bankruptcy and my debt is
There are some saving clauses so you may not be paying any tax. Consule tax professional.
1. You may have to report sale on Schedule D (Form 1040).
2. Any debt canceled is your income if it was recourse liability.
3. If
Jss | Mar 02, 2010
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