Pub 4681 - Gary L. Bode, MSA, CPA, pc

IRS Form 982, Short Sales and Foreclosures explained by a CPA in Wilmington NC | 1099-C | Mortgage Forgiveness Debt Relief Act

By admin, on June 4th, 2011%

Gary Bode, CPA: if you need help with Form 982, call us for a free initial phone consult at 399-2705.

IRS Form 982 has various uses, all pertaining to cancelled debt of some type. Any amount of Cancelled Debt becomes taxable income on Form 1040, unless you can exclude it via Form 982. This post discusses . . . → Read More: IRS Form 982, Short Sales and Foreclosures explained by a CPA in Wilmington NC | 1099-C | Mortgage Forgiveness Debt Relief Act

By admin, on May 15th, 2011%

Gary Bode, CPA: if you'd like a free initial phone consult on Form 982 or insolvency, please call us at 399-2705.

Short Sales are still common secondary to the recession. Short Sale just means you sell your home for less than the amount of your outstanding mortgage(s). Some folks call this situation “upside down”. Often, the . . . → Read More: Wilmington NC CPA discusses Short Sales, Insolvency, IRS Form 982, and Form 1099-C

By admin, on May 4th, 2011%

Gary Bode, CPA: If you're out of your depth on a Cancelled Debt issue, consider calling us for a free initial consult at (910) 399-2705.

Adding insult to injury, Cancelled Debt, reported on Form 1099-C, becomes Taxable Income on your IRS tax return. Per the IRS: Generally, if you owe a debt to someone else, and . . . → Read More: CPA in Wilmington NC discusses IRS Publication 4681, Form 1099-C and Form 982: Cancelled Debt

By admin, on February 19th, 2011%

Gary Bode, CPA: insolvency on Form 982 is one way to exclude cancelled debt from your taxable income. For a free initial consult, call 399-2705.

Cancelled debt is reported to both you and the IRS on Form 1099-C. This becomes Taxable Income on Line 21 of Form 1040. Unless you qualify for an exception or exclusion, which you . . . → Read More: Insolvency and Cancelled Debt | IRS Form 982 and 1099-C | CPA Wilmington NC