1099C...for rental property that was sold in 2006?

I received a 1099c for a home that was sold as part of a real estate short sale. The home was my residence for 3 years and then was rented out for 15 months. The home was rented from April 05 until it was sold in Sept 06. I know I have to file the 1099c but will I be able to use a form 982 to exclude the debt by claiming it to be qualified Real Property Business debt.

You should consult a tax professional.

you really need professional advice. If you had any expences on that home you should take them as a deduction against any income and only pay income tax on the difference. If the transaction was a loss I can't see you having your taxes increase over it. You should, however, consualtant a tax person. The irs does offer free advice.

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