Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-08-2014, 10:52 PM
Junior Member
 
Join Date: Feb 2014
Posts: 1
Short sale and 1099-c reporting

Hi--

I did a short sale on a rental property in 2013, and am unsure how to report this on my taxes. Received a 1099-c in the mail.

Some particulars

1099-c $211K forgiveness /$62K FMV
Original purchase price - $359K
Short sale price - $92K
Accumulated depreciation - $77K
No other basis adjustments

1. Do I need to fill out Form 982? As far as I can tell, I'm not excluding anything from gross income with regards to the sale.
2. My assumption is that I would be fine without exclusions (i.e. for insolvency). My adjusted basis ($359K-$77K=$282K) less the short sale price ($92K) = net loss on sale of $190K. Forgiveness of $211K gain - $190K loss on sale = $21K gain. I have carryforward losses that should cover this.
3. Do I just claim the income on my 1040 and let the schedule D and E losses offset the gain or am i missing something here?
4. Why is $62K reported as FMV. I have the short sale contract which clearly shows $92K as the contract price.

Any help would be appreciated.

Thanks,
Ryan



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Rental Short Sale on an Assumed Loan-Seller Got 1099-C tanicete Rental Real-Estate 1 02-07-2014 11:58 PM
Short Sale smichaels916 Income 1 10-24-2013 09:49 PM
1099 Misc for Short sale incentive AngieZ Income 1 02-25-2012 10:21 AM
Short Sale Lender issues a borrower a 1099 MICHAELRJD Rental Real-Estate 1 11-11-2010 03:27 AM
Short Sale/1099-S mizhall Rental Real-Estate 0 01-26-2010 09:45 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning