New here..and 1099c question.

[NH68GTO]

Hello all, saw forum doing in doing some searching for question.

I have a 1099c question and using TurboTax. Where should I post question.

If here... I have two 1099c. One is for shortsale on home. TurboTax says its is Excluded from Tax. Then I have a 1099c for credit card cancellation is reported as income, thats fine., but..., TurboTax will not let me file both of them together. I did one and then the other to see what happens.

If the Shortsale one is excluded to I still have to file it??? I assume so..

Any way to file both of these with out paying a tax guy $250. I will use a different system than TT if I have too.

Thanks, Dominick

[mtbc]

Did you try the online help forums and chat things on TurboTax's website? They can be helpful. I think we paid for the cheapest not-free one and it seemed part of the service.

[robertg]

Question: did you short sale your home on account of an inability to make the mortgage payments? If you did then your financial circumstances may allow you to use the IRS Insolvency Form 982 to avoid having to treat those 1099's as taxable income.

Robert G
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[NH68GTO]

[QUOTE=robertg;379639]Question: did you short sale your home on account of an inability to make the mortgage payments? If you did then your financial circumstances may allow you to use the IRS Insolvency Form 982 to avoid having to treat those 1099's as taxable income.

Robert G
[Active advertising link removed. Against forum rules.]

Yes I did. TT does show that it is not taxable but will only let me do one form or the other. Tells me it doesn't know how to use both. So I think I may have to see the tax man to get it right.

[robertg]

Indeed. It's worth it, though.

Good luck!