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Jim-from-Ohio
Jim-from-OhioIntuit Community Champion
Intuit Community Champion
February 7, 2024

Cancellation of debt, taxability exception

  • February 7, 2024
  • 1 reply
  • 3 views

I know there are a number of exceptions where you can exclude canceled debt from income.. as far as this one: 

  1. Cancellation of qualified real property business indebtedness

Do you think a rental property that an indvidual owned qualfies?  I did research but came away not sure if it qualifies. thank you. 

    This topic has been closed for replies.

    1 reply

    PATAX
    PATAX
    Level 12
    February 7, 2024

    Jim, this is a rare situation. I am not sure of answer. I found 10/15/2021 article by prioritycommerce.com called "Cancellation of Debt on Rental Property". Google this. Article is over two years old, so I am not sure if relevant law has changed or not, or if this article is definitive and applies to your client. Hope this helps.

      Jim-from-Ohio
      Jim-from-OhioIntuit Community ChampionAuthor
      Intuit Community Champion
      February 7, 2024

      thanks.. I got through it.. we were able to exclude some of the 1099-C amount!

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