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can you write off a mortgage/note with a a 1099oid or 1099c




Hello MrJ,

You may need to elucidate your query.

When the lender settles an account for a lesser amount, it reports the forgiven amount to the IRS and the it becomes an income for the debtor. However, there are certain exceptions.

Check out the following link. You may find it useful.

http: //www.irs.gov/individuals/article/0,,id=179414,00.html

Sub: #1 posted on Mon, 01/11/2010 - 00:37

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