I got a 1099C for 2318.00 from wells fargo. I used turbo tax to do my taxes. before I put this down as income, I was going to get 400.00 dollars refund. after I put it down, it dropped to 90.00. then I read here that if you are bankrupt, you dont have to pay taxes on it. I have filed on jan 24th. does this mean I should be getting the 400 dollar refund instead of the 90? I can amend my tax return, but it will cost me 30 bucks to talk to a real person, so I just wanted to make sure that it would make a difference. I'd be happy to pay the money to change things if it means getting more money. thanks for any answers and advice.
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There really should be a <sticky> about this..There is a LOT of bad info floating around. All you have to do is file IRS form 982..You will NOT have to add it as income and you will NOT have to pay taxes on it!
Reduction of Tax Attributes Due to Discharge of
Indebtedness (and Section 1082 Basis Adjustment)
NOTE: I am not a lawyer...any advice I give is for entertainment purposes only. Legal questions should be directed to competent counsel. I am just a troll. Or a Toad. -
By all means, amend your tax return and file from 982Comment
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PLease clarify: Was that $2318 from Wells Fargo included & discharged in your bankruptcy? If so Wells Fargo had no business sending you a 1099c.Originally posted by cetiya View PostComment
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I'm not sure I understand the question, but it was included in my bankruptcy, but I got it around the same time I filed. on theOriginally posted by magyar123 View Post
1099c it says the debt was cancelled on 8-16-07, but I received it months later. nothing has been discharged yet. sounds like I need to amend my taxes, and hopefully get more money.Comment
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