Re: 1099 on HELOC rental properties
Posted by NJD on November 23, 2008 at 09:50:03:
In Reply to: 1099 on HELOC rental properties
Posted by jack in MI on November 23, 2008 at 09:22:12: IMHO from what I inferred:
Your partner's bankruptcy meant he no longer had personal responsibility for the debt. No debt = no debt forgiveness, and consequently no 1099 liability.
You, on the other hand, ought to meet with an attorney who handles both bankruptcy and tax matters.
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