We had a short sale this summer and received a 1099-C ..In the box 7 (Fair Market Value) It's empty.
My tax guy said there should be something in that box.
He sent me a link to IRS R&R on 1099-C and sure enough it says prior to 2014 nothing was needed in there( FMV for short sales) but now FMV is supposed to be in Box 7/ Anyone know what we should do? I called the lender 3 times today asking if they can correct but they refuse and say I'm wrong. Anyone know what I should do? file it? get a lawyer?
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Just file it anyway, if you can't get it corrected. If this your primary, there's no tax due, so....? FMV should be irrelevant on a SS, only applicable on a foreclosure sale I believe.
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