1099-c
Date: Thu, 02/24/2011 - 11:16
1099-c
I short-saled my house last year and I cannot get the institution to issue a 1099-c for my tax purposes. This in Arizona and is supposed to be a cancellation of the debt.
Normally, if a loan has not been fully satisfied and lender has
Normally, if a loan has not been fully satisfied and lender has cancelled the remaining debt, then it will be regarded as taxable income. If the forgiven amount is more than $600, then the lenders normally issue a 1099c form. As far as your query is concerned, you will not receive a 1099c form from the institution as Arizona is a non-recourse state.
