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After already filing 2017 return, I received a 1099-C for…

After already filing 2017 return...
After already filing 2017 return, I received a 1099-C for credit card debt discharged in my ch 13 bankruptcy in 2017. I am about to amend my tax return and in the process of filling out form 982 but unsure about what amount to put in section II, reduction of tax attributes. I already checked box 1A on form for discharge in title 11 case. Do I put the amount of discharged debt on line 10b of form 982?‎
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Answered in 14 minutes by:
3/11/2018
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,995
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. My name’s Lane …

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents, since 1986.

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Bear with me a moment while I type up my response.

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If you using either the bankruptcy or the personal residence exclusion (personal residence exclusion not available for 2017) you do not complete part ii.

...

Part ll is only used under the insolvency exemption, where becasue OF that insolvency, your basis in assets would have changed.

...

All you need here is (1) to check the box in 1a and (2) to write the amount in box 2.

...

Then when you amend, the COD income will simply not be shown on (excluded from) the return.

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Customer reply replied 1 month ago
Thank you. ***** include a copy of the discharge order from the court with my amended return?

No, just keep with your records. I've never see them ask for proof of the bankruptcy. Given that this is a federal court issue, they can verify easily.

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Customer reply replied 1 month ago
Thank you very much for your help. That is all I needed to know.

You're very welcome ... Your positive rating … (by using those the stars or faces on your screen, and then clicking “submit”) …is thanks enough!

That's the only way I'll be compensated by JustAnswer for the work here

...

Thank you,

Lane

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,995
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified
Lane and 87 other Tax Specialists are ready to help you
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Customer reply replied 1 month ago
Already did so plus a tip! :)

Thanks so much! Enjoy your Sunday.

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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