what does the amount in box 7 of form 1099-c means

Expert Solution

A lender is supposed to submit Form1099C to IRS&Home owner, whose debt got cancelled.

Box 7 of Form 1099-C Shows the 'Fair market value of property’. When there occurred an abandonment or foreclosure of a property during the year and any cancellation of debt, the fair market value is shown under Box 7.

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ekkarill92 answered 7 months ago

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