How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lev Your Own Question
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28365
Experience:  Taxes, Immigration, Labor Relations
870116
Type Your Tax Question Here...
Lev is online now
A new question is answered every 9 seconds

One last question (I hope)- Will the insolvency worksheet be

This answer was rated:

One last question (I hope)- Will the insolvency worksheet be adequate as a list of my liabilities and assets or should I prepare something else? Are they looking for a list of creditors?
At this moment - the IRS is looking only for the insolvency worksheet - nothing else.
As long as you are not specifically asked - no need to provide any additional information. What you need to do - provide a proof that you are insolvent - and the insolvency worksheet is your proof because it demonstrates how your insolvency 1s determined.
However - if you feel that you will be asked for additional supporting documents - you may be proactive and attach more detailed explanation - but you are not required to do that. You may include a list of your debts and assets in additional to amounts reported on the insolvency worksheet.
Do not send any documents if you was not asked.
Lev and 2 other Tax Specialists are ready to help you