Cancellation of Debt Income from 2nd TD - Currently in Chapter 1

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Yahoo Bot
Posts: 22904
Joined: Sun Oct 18, 2020 11:38 pm


I can't believe that your client is solvent. There is an IRS worksheet to
determine solvency in Publication 4681 (attached). I go through the
worksheet, and attach it to the tax return along with form 982. Never have
a problem with IRS. Being in Ch13 is especially compelling argument for
insolvency.
(I prepare 250-300 tax returns each year.)
Gerry
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