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Financial Planning / Tax Strategies


Subject:  Re: Incorrect 1099 Date:  2/24/2013  2:04 PM
Author:  vkg Number:  117877 of 131786

And, how about a 1099-C with incorrect Fair Market Value shown on it? Is there a way to correct that in time to get taxes filed? It doesn't appear that the lender involved has any interest in getting the correction done before 4/15.

Is the amount taxable? 1099-C reports possible taxable income. If this was a foreclosure or short sale of a primary residence, the amount might not be taxable under the Mortgage Forgiveness Debt Act or for other reasons.
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