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I have a 1099C cancellation of debt from a second home short sale!
I am insolvent...can I exclude the 1099c from income?

jameshogg · Posted: Sat Feb 12, 2011 1:58 am Post subject:

Hi boskele,

The cancelled debt will be considered as your income and you will be liable for paying taxes on that forgiven debt. But as you're insolvent, you should have a word with a tax adviser and check out whether or not you can exclude this as your income.

Thanks

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