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I was granted a chapter 7 discharge in 2010. I left my

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I was granted a...

I was granted a chapter 7 discharge in 2010. I left my personal home in 2015. It was sold last year . I have received a 1099-Cfor it . Do I include the fair market value as income?

Accountant's Assistant: What state are you in? It matters because laws vary by location.

Michigan

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Submitted: 3 months ago.Category: Tax
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3/19/2018
Tax Professional: Lev, Tax Advisor replied 3 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,985
Experience: Taxes, Immigration, Labor Relations
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If that debt was cancelled as part of your chapter 7 discharge - you may exclude that forgiven amount from taxable income.

Please verify.

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Customer reply replied 3 months ago
But the 1099-c in box 2 says, "amount of debt discharged is 0?
Tax Professional: Lev, Tax Advisor replied 3 months ago

Then - you will have nothing to worry about including into income or excluding.

If the amount is zero - there is nothing to exclude...

May be this form was send for information only.

What other information is reported on this form?

I will help to to verify if anything should be reflected on your tax return.

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