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Taxes on Debt Forgiveness
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Thread created 02-25-2012 by Kane1124
0 Score 5 Replies 1,217 Views
Post #47990960 added 02-25-2012 1:43 PM by dealgate in Archived Deals
Yep - see a tax attorney. This is a serious matter.
Taxes on Debt Forgiveness
Expired
Thread created 02-25-2012 by Kane1124
0 Score 5 Replies 1,217 Views
Post #47991940 added 02-25-2012 2:45 PM by PiratesSayARRR in Archived Deals
982 isn't the form you need. I'm not even aware of an exclusion for disability from taxes on canceled debt. 982 is the form that stems from IRC 108 which is for the following: Discharge of...
Taxes on Debt Forgiveness
Expired
Thread created 02-25-2012 by Kane1124
0 Score 5 Replies 1,217 Views
Post #48026640 added 02-27-2012 8:36 AM by Kane1124 in Archived Deals
Can you guys point me in the right direction in how to determine if he's insolvent? What's considered an asset? Cars? Would his IRA count, etc.?
Taxes on Debt Forgiveness
Expired
Thread created 02-25-2012 by Kane1124
0 Score 5 Replies 1,217 Views
Post #48012026 added 02-26-2012 4:17 PM by roxwella in Archived Deals
If he was insolvent and not claiming bankruptcy he would use the 982...more debt than asset. Might be worth it to take a look at his financial position. Add all his assets, and all his debts. To the...
Taxes on Debt Forgiveness
Expired
Thread created 02-25-2012 by Kane1124
0 Score 5 Replies 1,217 Views
Post #47990380 added 02-25-2012 1:02 PM by Kane1124 in Archived Deals
Hi All, My Dad received $16,000 in debt forgiveness for student loans because he's permanently and totally disabled. We received a 1099-C in the mail showing this and when I went to put it in...
Taxes on Debt Forgiveness
Expired
Thread created 02-25-2012 by Kane1124
0 Score 5 Replies 1,217 Views
Post #48026828 added 02-27-2012 8:44 AM by PiratesSayARRR in Archived Deals
You can find the insolvency worksheet on pg 6 of Publication 4681. www.irs.gov/pub/irs-pdf/p4681.pdf

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