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Jax Tax
Jax Tax, Tax Attorney
Category: Tax
Satisfied Customers: 1376
Experience:  JD, LL.M in Business and Taxation, IRS Enrolled Agent. Expert in Business and Tax Transactions
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Question: I was insolvent in the year 2010. I filed in 2011

Customer Question

Question: I was insolvent in the year 2010. I filed in 2011 insolvency for 2010. I had received a 1099-C form of cancellation of debt for one of the credit cards in 2012, even thow that card was included in my debt in 2010, as I was unable to settle with the financial institution until 2011. Am I liable to declare this card as income in 2011, when it was listed as a debt in my 2010 year of insolvency?
Submitted: 2 years ago.
Category: Tax
Expert:  Jax Tax replied 2 years ago.
Yes, you must again file form 982 and claim insolvency to prevent it being income. The insolvency is judged immediately prior to the discharge. Just because it was a debt in 2010 does not mean it was discharged then.
In short, if you qualify you will have to claim insolvency again.

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