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I see in your answers to the customer who's spouse has a
I see in your answers to the customer who's spouse has a 1099-c cancelled debt that when filing for form 982 insolvency on a joint filing you had implied it ok to do a joint filing with only the one s… read more
PDtax
PDtax
Owner
Master's Degree
9,538 satisfied customers
I'm ***** ***** and I have a question about insolvency test
Customer: Hi! I'm ***** ***** and I have a question about insolvency test (student loan discharge) in Oregon. Looking at filing separately vs married jointly. We are both on the loan of the home. Do I… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,011 satisfied customers
If i am responsible payments and can"t pay the mortgage then
if i am responsible for mortgage payments and can"t pay the mortgage then the other spouse decisdes to file the taxes, would he have some responsability for the house when it is going foreclosure?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I have a debt that I settled on. It is 1/2 my and 1/2 my ex
I have a debt that I settled on. It is 1/2 my and 1/2 my ex wife's debt, we both paid into it to settle on it for $5317. I am looking into the possibility of insolvency. To calculate insolvency, do I … read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,338 satisfied customers
Received 1099C from creditcard company off of debt.
Received 1099C from creditcard company off of debt. This exceeds my income.Do I have to include as income on my tax form… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
My student loans were cancelled due to permanent disability
My student loans were cancelled due to permanent disability and I've received form 1099-C cancellation of date of $120, 845.68. Can I claim insolvency filing jointly with my wife or should I file sepa… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
My wife and I filed seperately in 2011. She received a 1099C
My wife and I filed seperately in 2011. She received a 1099C for the cancellation of a debt. We would like to amend the 2011 return to file jointly. She took the insolvency exemption in 2011 becuase s… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
My husband is on perm disability. He got his student loan
My husband is on perm disability. He got his student loan of $87,000 cancelled. We recieved a 1099 c. We are now looking into getting the tax on this "income" excluded with insolvency. the student loa… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
I have a cancellation of debt from a loan issued to myself
I have a cancellation of debt from a loan issued to myself and a former husband. Do i have to use my new husbands assets to pay this or can I claim insolvency as all assets are in his name. We live in… read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,512 satisfied customers
Wendy,Have some time to discuss a 1099-c my wife received
My wife received a 1099-c on a foreclosed rental property in FL. She was only one on note, we both were on mortgage. Want to try insolvency to defray 1099-c income. If we file jointly, do we need to i… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
4,670 satisfied customers
My wife and I made a deed in lieu of foreclosure arrangement
My wife and I made a deed in lieu of foreclosure arrangement with the bank in 2011 that has resulted in $35,000 in 1099-C income. The property was NOT our primary residence (it's a vacant lot) so the … read more
CGCPA
CGCPA
Owner
Bachelor's Degree
3,360 satisfied customers
My husband and I got married in 2010. He owned a rental property
My husband and I got married in 2010. He owned a rental property prior to our marriage. I also owned a primary residence prior to our marriage and still own this property, in my name only. He did a de… read more
Anne
Anne
Master Tax Preparer
3,422 satisfied customers
I RECIEVED a form 1099 a or abondoment form in 2007, how do
I RECIEVED a form 1099 a or abondoment form in 2007, how do i file that form on my tax return and if i treat it as a sale of property the (fmv) is $605000 and the balnce of principal outstanding is $5… read more
Tax.appeal.168
Tax.appeal.168
Principal
8,662 satisfied customers
I have been separated from my husband for a year and a half.
I have been separated from my husband for a year and a half. He filed taxes for 2010 as Married Filing Separately and I will file Head of Household because I have a dependent. I settled a joint person… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,011 satisfied customers
My wife received a 1099-C from Bank of America credit card
My wife received a 1099-C from Bank of America credit card in January of 2010 in the amount of $12000. We have filed tax return last year (for 2009) as Married joint filing, and now because of this hu… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
2,290 satisfied customers
Subject Insolvency Worksheet from Short Sale property
Subject: Insolvency Worksheet from Short Sale property I purchased an investment property in Virginia in 2005 that was a short sale in 2009. The lender issued a 1099-C that is considered income for me… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
In May of 2010, my wife-to-be had her house foreclosed with
In May of 2010, my wife-to-be had her house foreclosed with a cancellation of a large debt. At the time of the cancellation she was insolvent. We were married in Oct. of 2010. Together we are not inso… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
34,011 satisfied customers
I negotiated about 90K of credit card debt and short sold my
I negotiated about 90K of credit card debt and short sold my house in 2010. The majority of the cards were settled in the month before the housed closed escrow. I owed 400K on the house and sold it fo… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
2,290 satisfied customers
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