top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Does my CH13 have to be reported when filing income tax?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Does my CH13 have to be reported when filing income tax?

    Our mortgage company sent us a tax form (forget the form #) that they reported the balance of our account to IRS and marked the section that we were personally responsible for the debt.

    Our home was foreclosed and sold (the mortgage co. bought it!). Do we have to include this form when filing our taxes? If so, how will this affect our taxes, do we have to pay taxes on the amount we owed them?

    This seems strange to me. Thanks!
    Ch13 filed 1/13/11, 341 held 2/17/11, Confirmed 3/23/11
    1% to unsecured creditors
    25 down, 15 to go! Thanks to all for your help here on the Forum!

    #2
    Sounds like you received a 1099C - for forgiveness of debt. Check with your attorney, but you will probably need to just file form 982 with your taxes and mark the box near the top to indicate the forgiven debt is part of a title 11 case.
    ~Staci
    Not an attorney, and never played one on tv. My responses are based on my own experiences & personal opinions.)

    Comment


      #3
      It may also be a 1099-A. You should have a professional do your taxes this year. As mentioned, you may need to file a Form 982 if it's actually a form 1099-C (Forgiveness of Debt). If this was your primary residence, there should be no capital gains taxes on this if you file correctly.
      Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
      Status: (Auto) Discharged and Closed! 5/10
      Visit My BKForum Blog: justbroke's Blog

      Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

      Comment

      bottom Ad Widget

      Collapse
      Working...
      X