How to report 1099C from loan mod on rental

[Brett Synicky]

Hey BP CPA's,

I'm a DIYer when it comes to taxes (please don't yell at me) and until now my taxes have been fairly straightforward.  In 2014 I was able to get a loan modification on a rental and of course I got 1099'd for the debt reduction.  I have spoken to 2 different enrolled agents who both told me 2 different things.  One said to put the income into the specific property as rental income and the other said to add it into the part of the interview that would make it show up on line 21 of the 1040.  I've done both and there's a big difference in the outcome.  

My question:  Which is correct?

Thanks!