QUESTION
filed a chapter 7 in 2010 and it was discharged in Nov 2010. I surrendered the house in the bankruptcy because behind on mortgage.
Asked on Feb 02nd, 2012 on Bankruptcy - Mississippi
More details to this question:
today I received a 1099-a with the fmv less than the loan amount. do i have to claim that as income
1 ANSWER
Bankruptcy Attorney serving Burbank, CA
Partner at
Law Office of Mark J. Markus
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3 Awards
No, you do not have to pay taxes on any forgiveness of debt income, as that is excluded from income after a bankruptcy. However, it may reduce certain tax attributes you may have, so you should file a Form 982
with the IRS. If you have questions on this, you should discuss them with your accountant.
Mark J. Markus, Attorney at Law
Handling exclusively bankruptcy law cases in California since 1991.
http://www.bklaw.com/
bankruptcy blog: http://bklaw.com/bankruptcy-blog/
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Answered on Feb 03rd, 2012 at 1:44 AM