Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-09-2009, 05:48 PM
Junior Member
 
Join Date: Feb 2009
Posts: 2
1099-c and filing insolvency

I settled some credit card debt in 2008 and received 1099-c's for the forgiven debt. I have to claim this as income...unless I can show that I was insolvent. I was insolvent and I looked up form 982 but I cannot find where I record that on form 1040 as non-taxable income. Do I just leave it off altogether and send in form 982 with the 1040? It seems like I should have to list all of this forgiven debt as income and also as non-taxable income to zero it out. I also plan on sending in my list of assets vs liabilities with my forms.

Anybody know how to do this properly???

Thanks so much



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
Are there any negative consequences of filing married filing separate? TaxGuru Filing Requirements 0 03-09-2008 09:28 PM
How to devide up Itemized Deductions when filing Married filing Separately dheller Itemized Deductions 1 02-24-2008 03:25 PM
If I am filing married filing separate, how should we split our itemized deductions? Amir Divorce Tax Issues 1 02-05-2008 10:15 AM

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