Pacun Posted February 23, 2010 Report Posted February 23, 2010 Client received 1099-A but not a 1099-C yet. This was a rental property and when I dispose it from schedule E, I get a big loss and some depreciation. Property was repossed on Feb 10, 2009 and was not available for rent at any point in 2009 so decpreciation is not an option. Where should I report this transaction? I don't feel it is right to have a loss this year and next year have a 1099-C to deal with. Quote
jainen Posted February 23, 2010 Report Posted February 23, 2010 >>have a loss this year and next year have a 1099-C to deal with<< Why do you think there will be a 1099-C to deal with? Quote
Pacun Posted February 23, 2010 Author Report Posted February 23, 2010 Because I think the bank will give up on this person and cancel the debt. Quote
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