Unfortunately, the Lender has not provided the copy of the Form 1099-C. However, it declared in the DEED IN L of F that he will file with IRS 1099-C for the amount of 189K.
We asked the Lender to send us a copy.
As such i have not entered anything in my TT. I am still researching.
This was an investment property, actually it is a piece of land in FL, while i am residing in WA. As i take it i can offset my losses with any gains on the investments in the current year. Otherwise i could deduct 3K per annum only with the balance to be carried over. Right? As such, can my losses of 150 K be offset by 1099-C amount of 94.5 if any? Thanks.
