Question by  hgholdam (2)

How do I handle a 1099c on a loan modification for my primary home?


Answer by  pabraham83 (14)

A 1099C is the forgiveness of debt from your creditor for the remaining balance of the loan on your home. This amount is treated as income to you in the year that the debt was forgiven. You need to include this amount in your income on your tax return.


Answer by  AnnVandeVanter (21)

If you continue to own your home, the amount is not includible in income, but reported on Form 982 and attached to your form 1040.

Reply by hgholdam (2):
Thank you !!  add a comment
You have 50 words left!