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Sub: #1 1099S and 1099C
Replied on 04-02-2011, 06:38 PM
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I received a 1099C at the same time I received the 1099S. What will these two forms have impact on my tax returns?

Thanks.

Sub: #2
Replied on 04-04-2011, 02:16 AM
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If you've receive a 1099c form, then it means that your lender/creditor has forgiven a part of your debt. This forgiven debt will be considered as your income by the IRS and you will be liable for paying taxes on the same.

Form 1099-S deals with the proceeds from real estate transactions. If you gain profit from any such transactions, then you will be liable for paying taxes.




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