OK, a little complicated, but...................First, there was a short sale on an investment (rental) condo in Novemeber of 2012.The lender issued a 1099c showing that there was a forgiveness of $97,000.00.The recourse box was, properly, checked yes.After running the insolvency worksheet, the individual is about $75,000.00 insolvent, leaving $22,000.00 of forgiveness as potentially taxable.Can this balance of $22,000.00 be discharged on (the same)Form 982 as a Discharge of Real Property Business Indebtedness?In other words, claim both the insolvency and the Discharge of Real Property Business Indebtedness on the same 982? It does say to check "boxes(s)" - plural in the first section of the form.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings E