Welcome Guest. Register Now!  


For 2014 Tax Tips For Year 2014.


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-22-2015, 06:59 PM
Junior Member
 
Join Date: Feb 2015
Posts: 1
Insolvency

I have debt that was forgiven by several creditors throughout 2014. Everything I read online says that i need to determine the value of all my assets on the day the debt was forgiven. How do you handle this when the debt was forgiven by each creditor on a different date? Also I have 2 loans against my 401K. The IRS guide says that I have to report "Interest in my 401K". So do I report the 401K value minus the amount of the outstanding loans? Any help is appreciated.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
1099-C/Insolvency Questions TaxFiler2013 Income 1 04-15-2014 12:09 PM
S Corporation Insolvency - IRC Section 108 bclegg C-Corporation 0 03-12-2010 08:53 AM
401K an asset when determining insolvency? Wild Horses Filing Requirements 0 02-26-2009 10:45 PM
Insolvency liability Question goochman00 Income 1 02-11-2009 12:12 PM
1099-c and filing insolvency goochman00 Income 0 02-09-2009 05:48 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning