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Settled my mother's credit card debt for a lesser amount. Got 1099.

My mother died two years...

My mother died two years ago in December and there was not enough money to settle all her credit card debt but I settled with all companies for a lesser amount. I am getting 1099's for the difference. Do I file another tax return for my mother. The amount is approximately $9,000.

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Answered in 4 minutes by:
2/14/2017
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55,997
Experience: 29 years of experience as a tax, real estate, and business attorney.
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There will be no tax due so you need not file another return. Because she died with more debt than money, she and her estate would be deemed insolvent and thus all this forgiveness of income would be excluded from income. Thus, there is no need to file. And, you have no legal responsibility to file a return in any event for your mother. If the IRS should contact you on this, let them know your mother died with more debt than assets and there were no remaining assets in her estate, that the forgiven amount would be excluded from tax due to insolvency, and thus no tax return was filed on behalf of the estate. That will be the end of it for you.

Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55,997
Experience: 29 years of experience as a tax, real estate, and business attorney.
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