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cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience:  Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
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Im in a Chapter 13 plan at the moment. I sold some acres

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I'm in a Chapter 13 plan at the moment. I sold some acres and the court took all the money to help pay my creditors back, The title company said they will send me a 1099 showing it as income. If the ourt took all the money am I now due taxes on the amount?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cortrightlaw replied 5 years ago.

cortrightlaw : You really need to talk to your tax person about if it is I come or not, the bankruptcy has nothing to do with the classification of income. And if it is income the fact that you had to turn it over to the trustee to pay some of your creditors also would not change the classification.
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