I received a 1099c for a home that was sold as part of a real estate short sale. The home was my residence for 3 years and then was rented out for 15 months. The home was rented from April 05 until it was sold in Sept 06. I know I have to file the 1099c but will I be able to use a form 982 to exclude the debt by claiming it to be qualified Real Property Business debt.
2007-03-26 09:39:35 · 2 answers · asked by gr8tfriend 1 in Business & Finance ➔ Renting & Real Estate
You should consult a tax professional.
2007-03-30 16:39:26 · answer #1 · answered by poonie 3 · 0⤊ 0⤋
you really need professional advice. If you had any expences on that home you should take them as a deduction against any income and only pay income tax on the difference. If the transaction was a loss I can't see you having your taxes increase over it. You should, however, consualtant a tax person. The irs does offer free advice.
2007-03-31 18:36:05 · answer #2 · answered by asccaracer 5 · 0⤊ 0⤋