Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
I am an attorney also, I know, I know...the worst people to have as clients right? : )
My query goes to two issues, the first procedural which I believe you have partially answered (I just wish to flesh it all out) and the other substantive...
As to the first(procedural)...the ONLY thing I must do on form 982 is to check the box of 1a, then fill in the amount of total "phantom Income" of xyz under line 2 and then check the line 3 as "no"?
Do you agree? Anything else?
As to the substantive....the IRS rules seem to speak to a "calendar year"...the "phantom income" came from foreclosures on my investment properties in the calendar year of 2010, and this tax return is clearly for 2010 and that "phantom income" was "issued" from those foreclosures of 2010....SO: my question just to gild the lily if you will, is to make certain that the fact that the Chapter 7 Bankruptcy was filed and finalized in 2011 is no problem, yes? Or?
Thank you in advance for your assistance!