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Do I report a bankruptcy on my taxes?

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    #1

    Do I report a bankruptcy on my taxes?

    Hi folks. If this question has been asked before, I apologize. We filed 9/23/05 and our bankruptcy has been discharged, no questions, no problems. My question is - do I have to report it on my taxes anywhere? Will it affect my family's refund in any way? The trustee did not even mention our taxes at all in my creditors' meeting so I'm certain that I don't have to send my return to him. Any answers would be greatly appreciated. Thanks to the powers that be for this site. It really helped us in making the decision to file.

    Thanks.
    Tags: None
    #2
    Mom,
    The BK has no effect on your taxes. As you were discharged quickly it seems that there were no complications and you were "no asset". It has nothing to do with your taxes. You will likely recieve letters from certain companies stating a "forgiveness" of debt. It may say that it is reported to the IRS. You do not have to worry about this, you were discharged under a BK. The letters are the standard for companies like AMEX and involve their account reporting.

    Not to worry, the BK is behind you.
    "You once asked me for advice. You want some now? Never pass up a good thing." Lieutenant Jean Rasczak, Starship Troopers

    Join the Mobile Infantry and save the world. Service guarantees citizenship.

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      #3
      I recall that somewhere it said I was "Supposed" to report this, but it's kind of silly..After all, if I had the $$$ to pay the taxes,then why shouldn't I have given it to the trustee?

      Reading (But barely understanding) IRS rules on this subject tells me one thing:

      GET THEE TO A TAX PREPARER....Man, is that stuff dense!!!

      Comment

        #4
        Gen, actually it is best for her to talk to her Attorney. I kinow that i am correct on this because i dealt with the issue, my "forgiveness" being 53,000.00. But it is best to get your own peace of mind through an Attorney.

        If you call a Tax Specialist they have a profit motive and may scare you into using them when it isn't necessary.

        But since I am human and could be wrong, still ask your Attorney,
        "You once asked me for advice. You want some now? Never pass up a good thing." Lieutenant Jean Rasczak, Starship Troopers

        Join the Mobile Infantry and save the world. Service guarantees citizenship.

        Comment

          #5
          Originally posted by robivi3
          Gen, actually it is best for her to talk to her Attorney. I kinow that i am correct on this because i dealt with the issue, my "forgiveness" being 53,000.00. But it is best to get your own peace of mind through an Attorney.

          If you call a Tax Specialist they have a profit motive and may scare you into using them when it isn't necessary.

          But since I am human and could be wrong, still ask your Attorney,

          Well, of course it never hurts to consult with the first one....

          Comment

            #6
            I have already asked that question and was told no.

            My opinion and philosphy on this subject is:
            IGNORANCE IS BLISS!!
            I'll be watching, you may never know when or how, but I'll be there. I am there now....

            Comment

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