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if i get a 1099 for forgiveness of indebtedness, do i have

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to include assets outside the...
if i get a 1099 for forgiveness of indebtedness, do i have to include assets outside the US for the insolvency calculation
Submitted: 8 years ago.Category: Tax
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Answered in 21 minutes by:
4/1/2009
Tax Professional: Marvin,EA, Enrolled Agent replied 8 years ago
Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1,672
Experience: Enrolled to Represent Taxpayers Before The IRS
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Hello and thanks you for using Just Answer. If you received Form 1099-C for assets forgiveness outside the U.S.A. the amounts must be reported on your federal tax return.
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Customer reply replied 8 years ago
Thats not what i asked. please reread my question
Tax Professional: Marvin,EA, Enrolled Agent replied 8 years ago

I am sorry for the incorrect first respond. The insolvency exclusion calculation apply to all assets (assets owned in the U.S.A. and outside the USA) and all liabilities (liabilities in and outside the U.S.A) to determent the insolvency exclusion. The insolvency exclusion is the amount your total liabilities exceeded the fair market value of your total assets immediately before the discharge. You can read more about debt cancellation at www.irs.gov/pub/irs-pdf/p908.pdf.

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Customer reply replied 8 years ago
my question was not about "asset forgiveness"???? I t was about forgiveness of indebtedness and if the insolvency calcualtions needs to inlcude assets outside the U.S. I need to know what you are citing should you reanswer my question
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Marvin,EA
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