Newbie Knockout

One Response to “Newbie Knockout”

  • jack bauer:

    Any previously unused passive losses will be reported on the schedule E in the year the property is disposed of.

    The 1099-A "sale" will be reported on the 4797.

    What you don't say is if this is recourse debt and when you can expect the 1099-C. (You don't have COD income until the debt is actually cancelled. All you've done so far is "sell" the property back to the bank.)

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