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I have a 1099 c question in regards to filing out the

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I have a 1099...

I have a 1099 c question in regards ***** ***** out the insolvency worksheet. We filed already for 2017 and received our refund. Then arrives a 1099 c in my name only (credit card before I was married) that cancelled the debt on Dec. 31 2017. We live in Texas and file jointly. Because this is a community property state, do I list HALF of my husbands debts and assists (even though most of them are in his name only) ?? Also, his 401 k and Stocks, do I put half of the entire amount of each at the time of cancellation? (Dec 31st) I just need some clarity. Thank you.

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

This debt along with another zombie debt has dropped off my credit report and is way outside of the statute of limitations. Can I list BOTH of the zombie debt balances on the worksheet as I have still yet to receive a 1099 c for the other one?

Submitted: 3 months ago.Category: Tax
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3/17/2018
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 3 months ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,062
Experience: 35 years tax experience, including four years at a Big 4 firm.
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Hi from Just Answer. I'm PDtax, and can assist.

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Customer reply replied 3 months ago
Are you experienced with insolvency and 1099 c? There seems to be so much conflicting info from CPA’s etc...
Customer reply replied 3 months ago
I’d rather have it in writing than a phone call so I can show it to my CPA who isn’t very experienced with 1099 c and insolvency worksheets.
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 3 months ago

I will have to opt out. Other experts will be able to review your request and advise.

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Customer reply replied 3 months ago
I’d prefer someone who works specifically in this arena and has filed insolvency’s and 982’s with the IRS for their clients in the past. Preferably with my type of situation. Thank you.
Tax Professional: Mark Anderson, Tax Attorney replied 3 months ago
Mark Anderson
Mark Anderson, Tax Attorney
Category: Tax
Satisfied Customers: 730
Experience: Tax attorney and accountant
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Here is some information to help you;

http://blog.credit.com/2011/04/1099-c-in-the-mail-how-to-avoid-taxes-on-cancelled-debt-14927/

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