Central District Consumer Bankruptcy Attorney's Association

What Type of 1099 is it? From the lender for discharge of indebtedness income? Was the loan recourse or nonrecourse? Was the foreclosure sale prepetition? Same year as Chapter 7 discharge? As long as the client's accountants understands discharge of indebtedness income and its exceptions, the best bet is to have your client confer with the client's accountant as to properly addressing the matter on the tax return. If the accountant is not confortable with that area, time for a new accountant.
Mark T. Jessee
Law Offices of Mark T. Jessee
"A Debt Relief Agency"
50 W. Hillcrest Drive, Suite 200
Thousand Oaks, CA 91360
(805) 497-5868
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On Wed Feb 4 17:14 , Georgene Pantelas sent:

The post was migrated from Yahoo.

I apologize if this has been asked and answered but....got a client who sold condo in a short sale, filed a chapter 7 and just recieved a 1099 today. What does this mean? What do I do?
Georgene
I apologize if this has been asked and answered but....got a client who sold condo in a short sale, filed a chapter 7 and just recieved a 1099 today. What does this mean? What do I do?Georgene

The post was migrated from Yahoo.