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I have looked over your advice for f989 dealing with
I have looked over your advice for f989 dealing with insolvancy. I had liability of 103,779 and Assets of 78,798 and forgiven debt 4,578. I am confused about what to enter on line 10a, which I believe… read more
taxmanrog
taxmanrog
Master's Degree
1,192 satisfied customers
I received two 1099-Cs in the mail, one for a settlement and
Hello, I received two 1099-Cs in the mail, one for a settlement and another for cancellation of a private student loan. The 1099-Cs have different dates and i have filled out the insolvency worksheet … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
In 2014, three credit cards, sent us a 1099-C of Debt.
In 2014, three credit cards, sent us a 1099-C for Cancellation of Debt. (Total of 20K) After liquidating all of our personal assets over the past 2 years, we will be filing for bankruptcy before the e… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
Robin D. You have been a big help so far. I do have one more
Hello again Robin D. You have been a big help so far. I do have one more question. I am filling out form 982 for cancellation of credit card debt (27K). Due to my home be underwater almost $200K I eas… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I received a 1099 from a credit card company for personal unsecured
I received a 1099 from a credit card company for personal unsecured debt of $3,890.00 for 2013 but I am insolvent. I completed form 982 so that I won't show this 1099 canceled debt as income but don't… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
Hello, I have a question about IRS form 982, line 10a. Having
Hello, I have a question about IRS form 982, line 10a. Having successfully completed bankruptcy on May 27, 2014, during which $84,271 in debt was discharged, I'm now trying to complete form 982 as req… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
morning,am filling out 982 form for insolvency, have done insolvency
morning,am filling out 982 form for insolvency, have done insolvency worksheet but am confused on th e982 form HELP… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
I became disabled shortly after graduating from college. I
I became disabled shortly after graduating from college. I receive 8400.00 A yr. Soc. Sec. disability. My student loans were forgiven and I was sent a 1099-C for the amount of 25,033.12. I filled out … read more
fastfile
fastfile
Tax Advisor
Master's Degree
550 satisfied customers
I am filling out a 982 based on a 1099-C. I have been discharged
I am filling out a 982 based on a 1099-C. I have been discharged from all my unsecured credit card debt under a chapter 7 bankruptcy. Of all my credit cards that were discharged under chapter 7, I onl… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,993 satisfied customers
I have a 1099-C for $100k of student loans. Ive looked at
I have a 1099-C for $100k of student loans. I've looked at Pub 4681 and Form 982. Based on the insolvency worksheet, I am insolvent for the full amount of COD. In terms of the Reduction of Tax Attribu… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am filling out IRS Form 982. In 2011 my home was foreclosed
I am filling out IRS Form 982. In 2011 my home was foreclosed and I filed chapter 7. Part of the foreclosure was consumer debt as well as the 2nd mortgage. I checked line 1A. I added up the total of C… read more
fastfile
fastfile
Tax Advisor
Master's Degree
550 satisfied customers
I have a question regarding Part II of Form 982 Reduction of
I have a question regarding Part II of Form 982 Reduction of Tax Attributes Due to Disccharge of Indebtedness. We qualify for the exclusion of 100% of the income reported on 1099-C based on the insolv… read more
abci168
abci168
Principal
27 satisfied customers
Form 982 Section II - Scenario Assets Before Cancellation
Form 982 Section II - Scenario Assets Before Cancellation of debt 53,113.64. Assets After Cancellation of Debt 53,113.64. Liabilities Before Cancellation of debt 174,651.78. Liabilities after Cancella… read more
fastfile
fastfile
Tax Advisor
Master's Degree
550 satisfied customers
I am filling out 982 but dont know what to put in part 2
I am filling out 982 but dont know what to put in part 2. I have done the worksheet and have determined I was insolvent at the time this credit card co wrote off the debt. The 1099c sent to me said th… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
60 satisfied customers
My divorce was settled in the year of 2009. During the divorce
My divorce was settled in the year of 2009. During the divorce I had accumulated a large sum of credit card debt. As part of the divorce setlement my ex-wifes 401K was split and i recieved a portion o… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I sold a rental property in 2008 and received 1099-Cs for
I sold a rental property in 2008 and received 1099-C's for the first and 2nd mortgages. I never refinanced and these are the original loans. I filled out the insolvency worksheet and show that I was i… read more
RD
RD
Self Employed
Master's Degree
1,164 satisfied customers
For the 2005 taxyear, I received a 1099C for $9165 from Chase
For the 2005 taxyear, I received a 1099C for $9165 from Chase for debt that was cancelled (credit card). I claimed the whole thing on my taxes and thought I was done. After I had already filed my taxe… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
how do i feel out form 982 for 12500 credit card settelment
how do i feel out form 982 for 12500 credit card settelment i owe more onmy house than its worth would that exclude me fromany tax… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
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