Form 1099-C<\/a> when your lender cancels your debt, not necessarily in the same year you receive Form 1099-S. There are separate rules for reporting cancellation of debt and potential income associated with it.<\/p>\n","protected":false},"excerpt":{"rendered":"Form 1099-S reports the sale portion of the transaction. Report the sale of your rental property on Form 4797. The sales price is the gross proceeds you received in giving up the property. That’s the amount that was paid down or paid off, plus any other consideration you received in the transaction. Compute your gain […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[25,55],"tags":[],"class_list":["post-20300","post","type-post","status-publish","format-standard","hentry","category-irs","category-forms"],"acf":[],"yoast_head":"
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