neilbrink Posted February 25, 2011 Report Posted February 25, 2011 For those of you who are processing the returns of those that have received the 1099-C's because their qualified residence was sold for less than the mortgage (or forclosed on), are you simply completing the Form 982 with the information from the 1099-C, or is there more that needs to be done. Is part 1 on the Form 982 the only thing we need to complete in this instance? This is my first 1099-C, so I appreciate the feedback. Neil Quote
mcb39 Posted February 25, 2011 Report Posted February 25, 2011 I will be, but don't they have to be either insolvent or bankrupt in order for the 982 to apply? Quote
TAXBILLY Posted February 25, 2011 Report Posted February 25, 2011 I will be, but don't they have to be either insolvent or bankrupt in order for the 982 to apply? http://www.irs.gov/individuals/article/0,,id=179414,00.html taxbilly Quote
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