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So, in re to my earlier regarding reposession of a piece of land this fall.
I have been reading the instructions for filing of a 1099C (or 1099A) as part of the documentation on this cancellation of debt and reposession event. It appears, to my unpracticed eye, that as the lending of money is not actually my business, but a one off event as we carried the note on this land sale, that we do not, in fact, have a requirement to file the 1099C (or 1099A).
Any thoughts or guidance will be greatly appreciated.
Merry Christmas,
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