Question

what line to you put cancellation of debt income

what line to you put cancellation of debt income

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Form 1040 or Form 1040NR, line 21, if the
debt is a nonbusiness debt;
Schedule C (Form 1040), line 6 (or Sched-
ule C-EZ (Form 1040), line 1), if the debt is
related to a nonfarm sole proprietorship;
Schedule E (Form 1040), line 3, if the debt
is related to nonfarm rental of real property;
Form 4835, line 6, if the debt is related to a
farm rental activity for which you use Form
4835 to report farm rental income based
on crops or livestock produced by a tenant;
or
Schedule F (Form 1040), line 8, if the debt
is farm debt and you are a farmer.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
What is the potential cancellation of debt income when recourse debt of $70,000 on property with...
What is the potential cancellation of debt income when recourse debt of $70,000 on property with a fair market value of $58,000 is cancelled? a) $12,000 b) $58,000 c) $70,000 d) $128,000
Which of the following would result in the cancellation of debt being included in income? The...
Which of the following would result in the cancellation of debt being included in income? The canceled debt was for the taxpayer's primary residence. If the debtor was insolvent by more than the amount of the canceled debt. If the debtor was solvent at the time of debt cancellation. If the debt was canceled through a Chapter 7 bankruptcy.
where is the Wright's cancellation of debt income reported on their tax return?
where is the Wright's cancellation of debt income reported on their tax return?
income may be recognized from cancellation of debt in which instance? a) the debt canceled was...
income may be recognized from cancellation of debt in which instance? a) the debt canceled was intended as a gift b) the debt was canceled by a purchase price reduction c) the debt would have been deductible by the taxpayer if paid d) debt was canceled from the mortgage on a taxpayer's second home
Before any debt cancellation, PeppersCo holds business land with a $2,400,000 fair market value, a $1,000,000...
Before any debt cancellation, PeppersCo holds business land with a $2,400,000 fair market value, a $1,000,000 tax basis, and a related mortgage of $3,000,000. In lieu of foreclosure, the lender reduces the mortgage principal by $1,300,000. What are the Federal income tax consequences of the debt cancellation?   As a result, PeppersCo recognizes income of 0$ and decreases its basis in the land basis by ______$?   I need to know how to calculate my land basis after debt cancellation
Course: Industrial Relationship Related to self-employment relations ( Dissolution ) Dissolution:  is the cancellation or termination of...
Course: Industrial Relationship Related to self-employment relations ( Dissolution ) Dissolution:  is the cancellation or termination of a contract or other legal relationship by the parties. Required: A) What have you learned about "Dissolution"? Describe your own sentences and outlines. B)  Consider how you can benefit from "Dissolution" in your working life, and how "Dissolution" can be good for you. --------------------------------------------------------------------------------------------------- (Please Explain Long)
The Nike sales rep called and wants you to put their entire line in your local...
The Nike sales rep called and wants you to put their entire line in your local Hibbett's Sporting Goods store in anticipation for next Spring's soccer season. Corporate dictates that you carry Nike's products, but you have local decision-making power to how much and what Nike products you will actually carry. Apply the Factors that Influence Merchandising Decisions to the 6 Considerations in Devising Merchandising Planningfor your local Hibbett's Sports store. These decisions are made now for delivery next Spring....
What are the effects of bad debt expenses on the income statement and the balance sheet?
What are the effects of bad debt expenses on the income statement and the balance sheet?
Which of the following is financing from debt? A. Friends and family put money into your...
Which of the following is financing from debt? A. Friends and family put money into your business. B. Angel investors put money into your business. C. Put your own money into your business. D. Ask for loans from your family and friends.
what is different line items on a Variable Costing Income Statement vs Absorption Costing Income Statement?
what is different line items on a Variable Costing Income Statement vs Absorption Costing Income Statement?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT