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 Wallstreet Esq. Your Own Question
Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 586
Experience:  10 years experience
Type Your Tax Question Here...
Wallstreet Esq. is online now
A new question is answered every 9 seconds

I have a 1099-c car I had to turn in during bankruptcy. I am

Customer Question

I have a 1099-c for a car I had to turn in during bankruptcy. I am doing my taxes and it is asking me to fill in the amount for basis of your nondepreciable property and the excess of the aggregate basis of the property and the amount of money you held immediately after the discharge over your aggregate liabilities immediately after the discharge.
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: No. I am stuck here on the basis amount and the excess amount. This is 27,867.00 and I need for it to be forgiven on my taxes.
JA: Our top Accountant is ready to take your case. Just pay the $5 fully refundable deposit and I'll fill the Accountant in on everything we've discussed. You can go back and forth with the Accountant until you're 100% satisfied. We guarantee it.
Submitted: 1 year ago.
Category: Tax
Expert:  Jason M. Tyra, CPA replied 1 year ago.

Hi There:

It sounds like you're working on the insolvency form to claim the insolvency exemption on the cancelled debt income.

For any personal property that you list on the form, such as the car, your adjusted basis will usually be what you paid for it. Personal property isn't depreciable, but may be adjusted for a casualty loss (if you suffered one at some point).