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Old 05-18-2013, 03:39 PM
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form 982

My husband alone filed for bankruptcy in April. We had 2 cancelled debts in 2012, one for a credit card solely in his name, and a 2nd mortgage on our home in both our names. I'm trying to figure out the form 982 to amend the tax return. I have land that I own jointly with my brother only. Because of the land I own and it's value I'm thinking I would not be insolvent for my 1/2 of the forgiven 2nd mortgage? Do I use the entire value of that land in determining insolvency or just 1/2 as it is a joint ownership?



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Old 05-19-2013, 05:09 AM
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Quote:
Originally Posted by blushingal725 View Post
Do I use the entire value of that land in determining insolvency or just 1/2 as it is a joint ownership?
I guess you need to report your portion of the basis of the land,NOT your portion of the FMV of the land as the land is not disposed of yet.



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