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1099 after completing Ch 13 LAM
I read the hypo that he walks away after the discharge so no longer in bk, which
means there is DOD income.
Good Luck starts with a strategy and a plan. Form a strategic alliance
with
Robert J. Suhajda, MS,CPA
17721 Norwalk Blvd. #43
Artesia, CA 90701
562-924-8922
Income Tax for Attorneys, Bankruptcy, IRS representation,
Fiduciary income tax returns, Estate and Gift tax returns,
Trust Protector, Independent Trustee, Court Accountings
In a message dated 2/5/2010 7:53:46 P.M. Pacific Standard Time,
easky1@yahoo.com writes:
debt forgiveness income, called discharge of indebtedness income, is
precluded in a title 11 case, see 26 USC 108
dennis
The post was migrated from Yahoo.
Justin:
I agree with David, but it is good to have a little bit of knowledge about
taxes so you know to send them to a tax professional. You seem to have the
requisite amount to know to send them away.
Having said that, I will venture an unqualified opinion here on which even
your dog should not rely. How can there be debt forgiveness if the debt is
discharged in bankruptcy? Nothing to forgive. The IRS has a publication on
this topic that you can use to at least get conversant with topic.
If you have any questions or concerns, please contact a tax professional.
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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Justin:
I suggest you not practice tax law. Refer your client to his/her CPA.
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale, CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal
Specialization.
Justin H
Sent: Friday, February 05, 2010 8:36 AM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] 1099 after completing Ch 13 LAM
Client is about 15 months away from completing a Chapter 13 lien-strip (lam)
case.
He may want to walk away from his house after the ch 13 discharge.
It is likely that the house will still be upside down. Value was $150,000
less than the 1st DOT balance when the case was filed.
If the Debtor were to receive a 1099 debt forgiveness letter from the
lender, would he have to claim the debt forgiveness as taxable income?
Lets assume for the purposes of this question, the loan is a non-purchase
money 1st DOT.
I guess it is also fair to ask whether there would be debt forgiveness
liability had the client never filed bankruptcy to begin with.
Message
Justin:
I suggest you not practice
tax law. Refer your client to his/her CPA.
David A.
Tilem
Certified Bankruptcy
Specialist*
The post was migrated from Yahoo.
Client is about 15 months away from completing a Chapter 13 lien-strip (lam) case.
He may want to walk away from his house after the ch 13 discharge.
It is likely that the house will still be upside down. Value was $150,000 less than the 1st DOT balance when the case was filed.
If the Debtor were to receive a 1099 debt forgiveness letter from the lender, would he have to claim the debt forgiveness as taxable income?
Lets assume for the purposes of this question, the loan is a non-purchase money 1st DOT.
I guess it is also fair to ask whether there would be debt forgiveness liability had the client never filed bankruptcy to begin with.
The post was migrated from Yahoo.