nynjtaxman Posted February 12, 2008 Report Posted February 12, 2008 Am I correct in assuming that cancellation of debt (1099-C) is taxable in NJ. The amount from the Fed return does not flow to the NJ return. I would have to manually enter it on the other income line. Thanks for your input. Quote
Pacun Posted February 12, 2008 Report Posted February 12, 2008 If you client was not solvent, he doesn't need to pay either. Quote
nynjtaxman Posted February 12, 2008 Author Report Posted February 12, 2008 They just decided not to pay a loan on a time share. Quote
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