Tax news for self employed

[AAAArt]

I have been giving erroneous advice re: taxes on self emplyment or other income which the Trustee takes. I asked the Trustee today if he took my "commission/renewal" type money would he allow me enough to pay the taxes on it. His reply was that if he took it, I wouldn't owe taxes on it, that it would be his responsibility. There was no need to worry, I would not get hit with a double whammy of not receiveng the money and yet still having to pay taxes on it. At least that is some help, since with IRS, SSSelf Employment and State, there goes nearly 50% of the income.
Sorry for any mis-advice before. Art

[Minnymouth]

Just make SURE THE TRUSTEE doesn't stick you with a 1099 that says you owe taxes on it!!!!!!

I can't picture money the Trustee takes as being "tax free"...... but then again Trustee's do have to pay property taxes, insurance on property they take....... so maybe what he says is true.....

Just make sure your taxes reflect that the trustee got those funds....... you can probably list it under other income with an attachment explaining about it being taken in BK....

Minny

[bkfiler]

great to hear art!

that is what i heard as well not that you mention it. because in effect the trustee took over your estate and anything they take from it or do to it is their own tax liability.