QUESTION
Is it too late to file bankruptcy to ensure I am not liable for the taxes on the forgiven debt in the future?
Asked on Feb 20th, 2014 on Taxation - New Jersey
More details to this question:
My primary residence was foreclosed on in 2013 due to a divorce. I have received a 1099A but no 1099C.
1 ANSWER
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Mark S. Cherry, Attorney at Law, PC
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Too late for a bankruptcy but it may not be taxable go to IRS.GOV and read publication 4681. There are several exemptions available. Get professional tax help if you don't understand it.
Answered on Feb 24th, 2014 at 8:03 PM