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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 585
Experience:  10 years experience
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Is there a fee? ok, yes. We received a 1099-C for my

Customer Question

is there a fee?
JA: You just pay a $5 deposit now and the rest only when you get a reply from the Accountant. All of this is 100% satisfaction guaranteed, so you can get a refund if you're not happy for any reason.
Customer: ok, yes. We received a 1099-C for my husbands credit card debt forgiveness of 22,000, he was insolvent at the time due to gambling debt and still is. I tried to get the card closed and they refused to close it due to my name wasn't on it. Can we file separately so he can pay this tax or so he can possibly have it excluded
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: Filing is for 2014. I know some of the drawbacks on MFS are can't deduct tuition, stud loans, or get child credits or EIC or educ credits, we don't qualify for any of those. so no worries there. This 22,000 is putting our income over the 301,000 mark and making all all of our usual itemized deductions not allowed. i know sounds like not a real big problem if I made that much but it was due to being laid off and all income accelerated into 2014, and then this surprise 1099-C from 2006 showed up.
Submitted: 9 months ago.
Category: Tax
Expert:  emc011075 replied 9 months ago.

Hi. My name is ***** ***** I will be happy to help you.

Yes, you can file a separate return only include his asset and liabilities to calculate the insolvency but keep in mind that HIS asset and liabilities include 100% of joint asset+ liabilities and 100% of his own asset and liabilities. For instance if you jointly own a house and you each have your own cars, he will need to include the value of the house and his car to calculate his insolvency.

Expert:  emc011075 replied 9 months ago.

Any questions?