More details to this question:
I received a 1099c in 9/2016 for 2015 tax year for a 2nd mortgage cancelled debt. I was in a chapter 13 from 2011 tell 6/2015 when it was dismissed due to not being able to afford case payments. My 2nd mortgage was a lien strip in that Chapter 13. The 1099c was dated for 7/14/2015 with code G in box 6. I am now filing these 2015 taxes and need to know how to file this form. I am in a new chapter 13 since 2/24/2017 to get all prior debt discharged and to avoid losing my house. Any assistance on how to file the 1099c on my taxes would be greatly appreciated.
3 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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File a notice with your return that the gain on the 1099C is excluded due to your bankruptcy.
Answered on Oct 23rd, 2017 at 8:26 AM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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Talk to an accountant but you maybe able to defer that cause of BK.
Answered on Oct 22nd, 2017 at 2:59 AM
You should file a form 982 to avoid the tax debt due to insolvency. You might be wise to hire an accountant to help you with that.
Answered on Oct 22nd, 2017 at 2:59 AM