1099-A & 1099-C

[ILLMAS]

This the first 1099-C I am going to be doing for a client this tax season, just to make sure, there is no specail form to report the 1099-C & A? Also, if the property given up was his main home and went through bankruptcy, then there is nothing else to report. Cancellation of debt was under $100K. I am looking at instruction and from I read it seems the client does not have to report the cancellation of debt, your thoughts?

[Pacun]

This the first 1099-C I am going to be doing for a client this tax season, just to make sure, there is no specail form to report the 1099-C & A? Also, if the property given up was his main home and went through bankruptcy, then there is nothing else to report. Cancellation of debt was under $100K. I am looking at instruction and from I read it seems the client does not have to report the cancellation of debt, your thoughts?

I think you have to dispose off the asset. If a loss, mark it personal.

Debt cancellation uses form 982 with two simple entries if it was their principal residence.