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Author: gsgreen Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121180  
Subject: 1099C Date: 12/22/2010 8:22 AM
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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,
gsgreen
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Author: ptheland Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 111713 of 121180
Subject: Re: 1099C Date: 12/22/2010 9:01 PM
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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).

I agree.

--Peter

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