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Cancellation of Debt Income.
no. it is a timing issue. 2010 taxes are not assessed until a tax return is filed. The income, however, came in during 2010, so has to go on the return. But sounds like the debtor was insolvent in 2010, anyway, so give her form 982.
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Credit card.
If you have any questions or concerns, please contact me.
Pat
Patrick T. Green, Esq.
Fitzgerald & Green
Attorneys at Law
1010 E. Union Street
Suite 206
Pasadena, CA 91106
Tel: 626-449-8433
Fax: 626-449-0565
pat@fitzgreenlaw.com
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1099 for a house or for credit card? If house then see if primary resident if
rental then see if insolvent. Form 982 allows you to check the appropriate box.
Paul Horn
Attorney at Law
Certified Public Accountant
1045 E. Valley Blvd., Suite A215
San Gabriel, CA 91770
800-380-7076
________________________________
To: cdcbaa@yahoogroups.com
Sent: Fri, March 25, 2011 4:55:20 PM
Subject: RE: [cdcbaa] Cancellation of Debt Income.
Not as far as the insolvency exception, but I donexception will work. If they are insolvent enough to file a bankruptcy in 2011
chances are they were insolvent in 2010 and then they have to attach some form
to their 1040 showing the numbers.
Steven B. Lever
sblever@leverlaw.com
From:cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com] On Behalf Of Patrick
Green
Sent: Friday, March 25, 2011 4:53 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Cancellation of Debt Income.
Debtor receives cancellation of debt 1099 for 2010 tax year. Will file ch 7 in
2011. Does this exclude the cancelled debt income under 108 from her 20101040?
TIA
Pat
Patrick T. Green, Esq.
Fitzgerald & Green
Attorneys at Law
1010 E. Union Street
Suite 206
Pasadena, CA 91106
Tel: 626-449-8433
Fax: 626-449-0565
pat@fitzgreenlaw.com
1099 for a house or for credit card? If house then see if primary resident if rental then see if insolvent. Form 982 allows you to check the appropriate box. Paul HornAttorney at LawCertified Public Accountant1045 E. Valley Blvd., Suite A215San Gabriel, CA 91770800-380-7076From: Steven B. Lever <sblever@leverlaw.com>To:
cdcbaa@yahoogroups.comSent: Fri, March 25, 2011 4:55:20 PMSubject: RE: [cdcbaa] Cancellation of Debt Income.
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Not as far as the "insolvency" exception, but I don't believe the
bankruptcy exception will work. If they are insolvent enough to file a
bankruptcy in 2011 chances are they were insolvent in 2010 and then they
have to attach some form to their 1040 showing the numbers.
Steven B. Lever
sblever@leverlaw.com
The post was migrated from Yahoo.
Debtor receives cancellation of debt 1099 for 2010 tax year. Will file ch 7
in 2011. Does this exclude the cancelled debt income under 108 from her
2010 1040?
TIA
Pat
Patrick T. Green, Esq.
Fitzgerald & Green
Attorneys at Law
1010 E. Union Street
Suite 206
Pasadena, CA 91106
Tel: 626-449-8433
Fax: 626-449-0565
pat@fitzgreenlaw.com
The post was migrated from Yahoo.