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Cancellation of Debt Income from 2nd TD - Currently in
Hi Nate,
Just brainstorming, but I think that the accountant can still file the IRS
982, check the "insolvency" box and add a letter of explanation.
Sincerely,
*Daniela P. Romero*
*Law Offices of Daniela Romero, APLC*
*1015 North Lake Ave., Ste. 212*
*Pasadena, CA 91104*
*Tel: (626) 817-2611*
*Fax: (626) 296-6991*
*email: dromerolaw@gmail.com *
*web: www.pasadenabankruptcylaw.com *
*Los Angeles Office: 2500 Wilshire Blvd., Ste. 1150 Los Angeles, CA 90057*
*Tel: (213) 480-1941*
*Fax: (213) 389-3797*
*email: dromerolawla@gmail.com *
*web: www.dromerolaw.com *
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I forgot to ask, but is there any way to deem it a violation of stay to file a cancellation of debt income to trigger an event of possible taxable income when the Chapter 13 was already filed years ago? I don't see how, but just thinking out loud since my client is an attorney as well.
Nate Berneman
On Thursday, March 10, 2016 11:17 PM, "Nathan Berneman nathanberneman@yahoo.com [cdcbaa]" wrote:
Client in a current Chapter 13 from 2011. Motion to Avoid Junior LienClient just received a 1098 Cancellation of Debt Income from the 2nd TD holder andnow they have a possible problem that it could be considered incomeon their 2016 taxes.
Their Discharge most likely won't take place until sometime in 2017.
Section 108 of the IRS Code only applies if there is a Discharge or they can prove they are insolvent.
Anyone see this problem before? Any thoughts would be appreciated.
Thanks,
Nate Berneman
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