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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 577
Experience:  10 years experience
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How much does it cost to talk to an accountant?JA: I'm not

Customer Question

how much does it cost to talk to an accountant?
JA: I'm not sure of the exact price, but there's only a $5 deposit. The rest of the price information will be on the page I send you to.
Customer: ok
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: I am filling out Form 982 for insolvency and have questions which line items I need to complete and if I have to attach supporting documents or not?
JA: Is there anything else important you think the Accountant should know?
Customer: No, that's about i.
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.
Customer: it.
JA: Waiting to talk to the expert reminds me of the time I talked to an expert when I had problems with my new cats. My three cats all came from a rescue mission and were scrawny scared little creatures when I got them. Who could ever be mean to a cat?
Submitted: 6 months ago.
Category: Tax
Expert:  Tyrone J. Taylor replied 6 months ago.
Hello Customer,I am an Enrolled Agent with 9 years of professional tax experience. I understand you are needing assistance with the Form 982. You do not have to send in anything with this form when you file it with the rest of your tax return. I would need a little bit more detail to help you with the rest of this question. Do you own a home? How did you come to the insolvency calculation?
Customer: replied 6 months ago.
I am definitely insolvent and 100% of the total amount of debt canceled is NOT taxable due to the degree to which I am insolvent.
Customer: replied 6 months ago.
I have a home which I am upside down in, owe a lot on credit cards, etc. and have no real assets.
Customer: replied 6 months ago.
I guess I am questioning whether I need to fill out line 10a. If so, what is that number and I know you don't know the number itself, but how do I determine it? Is it the same number as Line 2?
Customer: replied 6 months ago.
Are you there?
Customer: replied 6 months ago.
Expert:  Tyrone J. Taylor replied 6 months ago. system is having issues allowing me to respond. Give me a moment to review what you typed.
Customer: replied 6 months ago.
Customer: replied 6 months ago.
Are you still there?
Customer: replied 6 months ago.
Do I need to get someone else?
Expert:  Tyrone J. Taylor replied 6 months ago.
You are going to check box 1b and on box 2 list the amount that is on the 1099-c. Line 10 would also be what is currently shown on your 1099-C if is is the smaller than the basis (cost) of the price you paid on your home, or the total amount of costs and money you have as of today.
Expert:  Tyrone J. Taylor replied 6 months ago.
I am sorry, but I had to log out and relog back in. Have you been able to enter this information? Do you have any further questions?

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