Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Will the IRS know I filed bk?

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  • Will the IRS know I filed bk?

    I'm starting to seriously estimate 2012 taxes I will owe in April, and started wondering, will I be on some list provided to the government, of bankruptcy discharges or filings?

    I don't owe them any back taxes and they weren't on my creditor matrix, so I was just curious I guess. If I do end up receiving a 1099 on any of the debt I hope to discharge, it may be more than curiosity.

  • #2
    If you owe their the first ones to know,


    • #3
      The IRS does not get notified unless it is a creditor. Since you do not owe back taxes, they will not know.

      In common practice, this is typically an issue if you "walk" on a home or other secured asset. In many states, the bank issues a 1099 for the deficiency (the difference between what you owe vs what they recovered in reselling the asset). Since the IRS gets a copy of that 1099, you have to notify the IRS that the 1099 is negated by the Ch 7 discharge by filing a Form 982 and putting Lines 1A and 2 to good use.


      • #4
        I do not owe the IRS anything and yet they were notified by my lawyer of my filing. I think i'ts because we are in a 13 and we are required to turn over our refunds in excess of $3600 to the trustee. I'm just kind of guessing on this b/c I'm not sure but I know they were notified.
        Filed Ch 13 Feb 9, 2012, 341 meeting Mar 15, 2012, Confirmed Apr 5, 2012
        Anticipated freedom party Apr 2015


        • #5
          I would say they are informed. they were on the list of potential creditors to be paid; although we don't owe them anything. I would believe they are one of the ones who would have until the second bar date (90 days after filing) to make a claim (government agencies), if they had one. I'm in a 13 also.
          Filed Chapter 13 - 07/20/12
          Discharged 8/2/16


          • #6
            Actually, the IRS is notified of the BK filing, regardless if they are a creditor.

            Stop being paranoid, it doesn't matter or effect you in anyway.


            • #7
              Well, I wasn't too paranoid until I found out the IRS is being notified I'm bankrupt, just because!

              Thanks for the responses everyone.


              • #8
                THe Court automatically notified the IRS, Unemployment, County Tax office and State Department of Revenue and none of those were creditors for me.


                • #9
                  This is a surprise to me that the IRS is notified if someone file BK. I never get a refund and always have to pay in due to my being an independent contractor.


                  • #10
                    Why does anybody care that the IRS gets notice of their BK?
                    LadyInTheRed is in the black!
                    Filed Chap 13 April 2010. Discharged May 2015.
                    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


                    • #11
                      I was wondering about this, too. I filed no-asset Chapter 7 in March, and was discharged in June. My tax refund was exempt.

                      I was just wondering if it will affect my taxes next year. Should I expect anything in the mail? A 1099 or something?
                      Filed Chapter 7: March 19, 2012
                      Discharged! June 28, 2012
                      CLOSED!!! August 8, 2012


                      • #12
                        1099's do not come from the IRS. They come from your creditors.
                        Filed Ch 13 Feb 9, 2012, 341 meeting Mar 15, 2012, Confirmed Apr 5, 2012
                        Anticipated freedom party Apr 2015


                        • #13
                          Originally posted by TheBajan View Post
                          1099's do not come from the IRS. They come from your creditors.
                          Or if you sell on eBay, if you have over 200 transactions or at least $20K for the year in sales, as I just found out.


                          • #14
                            Originally posted by lillymarlene View Post
                            Or if you sell on eBay, if you have over 200 transactions or at least $20K for the year in sales, as I just found out.
                            That is true. A 1099 is similar to a W-2 that you get from your employer. Only it's for people who are self-employed or received income outside of 'traditional' sources. Income from contract labor, interest, dividends, [in your case] sales, and forgiven debt are some of the things that will create a 1099. 1099's are reported to the IRS but the IRS itself does not generate 1099's.
                            Filed Ch 13 Feb 9, 2012, 341 meeting Mar 15, 2012, Confirmed Apr 5, 2012
                            Anticipated freedom party Apr 2015


                            • #15
                              There are different 1099 forms. 1099-C is the one that a creditor issues for canceled debt. They shouldn't issue one for debt discharged in bankruptcy, but they often do. If you get one, you have to attach an extra form to your tax return and check a box saying the canceled debt is excluded from taxable income because it was discharged in bankruptcy.
                              LadyInTheRed is in the black!
                              Filed Chap 13 April 2010. Discharged May 2015.
                              $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!


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