Form 982 question. - TMI Message Board

10-04-2005, 01:01 AM

JG EA

Senior Member

Join Date: Jul 2005

Posts: 1,540

Form 982 question.

A client is filing a back tax year. Included in the infomation is a Form 1099A for a personal residence.The debt cancellation is more than the FMV. The original purchase price is less than the FMV.

I wanted to check on insolvancy, since the client was most likely in that situation. In getting ready to ask the client the questions I noticed the instructions for Form 982 states it has to be filed timely (or within 6 mo), and this is a 2000 return. Does that mean Form 1099A has to be included in income and insolvancy can't be used?

Thanks!

Last edited by JG EA : 10-04-2005 at 10:07 AM. Reason: To make post clearer.

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