From multiple CPA's in my office giving guidance along with myself if the FMV exceeds the debt discharged amount then there is no income to report. IRS Publicat...
Tom thanks for the reply but no exclusions on form 982 apply. It isnt a real "business" property, it's not a main home, or farm. Insolvency and bankruptcy also ...
CARL is completely incorrect.IRS Topic 431 and IRS Publication 4681 Page 4 & Page 12-13 if the debt discharged amount is the same or LESS than the FMV of the pr...
What Paula said is right & wrong. IRS Publication 4681 Page 4 & Page 12-13 Sales & Dispositions (Short Sales & Forclosures) and IRS Topic NO 431.From how I read...
