Victoria stopped paying the recourse mortgage on her condominium at a time when she still owed $200,000.

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Victoria stopped paying the recourse mortgage on her condominium at a time when she still owed $200,000. She had originally purchased the condominium for $285,000. At the foreclosure sale, the condominium sold for $193,500.

If the lender later discharges the deficiency, how much will be reported on Form 1099-C?

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Contemporary Business Law

ISBN: 978-0133578164

8th edition

Authors: Henry R. Cheeseman

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Posted Date: May 22, 2023 03:27 AM

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Victoria stopped paying the recourse mortgage on her condominium at a time when she still owed $200,000.

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Form 1099C is used to report canceled debt to the Internal ... View the full answer

Contemporary Business Law

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