top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Will the IRS know I filed bk?

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

  • RichM
    replied
    The IRS knows all. They don't even have to be notified. They just... know.

    -Richard

    Leave a comment:


  • GrnEyedLady5
    replied
    Hello to everyone concerned about the IRS and taxes! I'm a bit confused, too, though I believe that unless you receive some kind of 1099 form from some creditor, there is no need for concern for reporting anything to the IRS about a bankruptcy. Am I correct on this? I mean, I'm an individual with NO real assets (buildings, vehicles, stocks. bonds, other investments, etc.). From what I understand,

    I filed chapter 7 earlier last year in April that included credit card debt, BUT also my house and attached (land) property, and was completely discharged (no assets) in August. I had no real assets, just my personal stuff (clothes, hand-me-down stuff, etc.) AND my 6 y.o. car (saved since it fell below the limit). Unless I missed something, only a BK Trustee files taxes on assets such as houses, properties, investments, etc. Individuals just file a regular 1040 form after the discharge is complete, no write-offs!

    If I missed something, let me know please. :]
    Last edited by GrnEyedLady5; 01-22-2013, 10:13 AM.

    Leave a comment:


  • LadyInTheRed
    replied
    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.

    Leave a comment:


  • TheBajan
    replied
    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.

    Leave a comment:


  • lillymarlene
    replied
    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.

    Leave a comment:


  • TheBajan
    replied
    1099's do not come from the IRS. They come from your creditors.

    Leave a comment:


  • bookworm
    replied
    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?

    Leave a comment:


  • LadyInTheRed
    replied
    Why does anybody care that the IRS gets notice of their BK?

    Leave a comment:


  • angel7821
    replied
    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.

    Leave a comment:


  • malf1204
    replied
    THe Court automatically notified the IRS, Unemployment, County Tax office and State Department of Revenue and none of those were creditors for me.

    Leave a comment:


  • kawh
    replied
    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.

    Leave a comment:


  • HHM
    replied
    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.

    Leave a comment:


  • sophieanne
    replied
    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.

    Leave a comment:


  • TheBajan
    replied
    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.

    Leave a comment:


  • btbeme
    replied
    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.

    Leave a comment:

bottom Ad Widget

Collapse
Working...
X
porno izle