1099 for the debt forgivenes

[nikkybiz]

[wonderingrov]

The link below will take you to the publication detailing the IRS's official position on this (it goes into detail in the section under 'exclusions'). To be safe, though, it would probably be best to double check with a tax preparer (such as H & R Block) to see if there are any changes in the tax code in the upcoming year that may affect this. They are usually fairly well on top of information relating to the impact this type of thing has on taxes, and I've found they are usually fairly helpful.

http://www.irs.gov/publications/p4681/ch01.html#en_US_publink1000244075

[dontodrin]

Both are correct however if it is your personal home you do not have to show insolvency.