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FAQ / What if I am insolvent?A taxpayer is insolvent when his or her total liabilities exceed his or her total assets. The forgiven debt may be excluded as income under the "insolvency" exclusion. Normally, a taxpayer is not required to include forgiven debts in income to the extent that the taxpayer is insolvent. The forgiven debt may also qualify for exclusion if the debt was discharged in a Title 11 bankruptcy proceeding or if the debt is qualified farm indebtedness or qualified real property business indebtedness. If you believe you qualify for any of these exceptions, see the instructions for Form 982. For more information, see highlights of the Mortgage Forgiveness Debt Relief Act. |
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TestimonialsJohn BeacleayJust wanted to say thanks again for all your help Anton. I mean it's really amazing to me that yo... As a foreigner, I needed a certified translation, so I called the DOE to give me a list of the ce... |
FAQFor purposes of answering Schedule B questions 3a and 3b what percentage interest does the Partnership report as being owned by individual partners A and B and revocable grantor trusts T1 and T2 undeRead More » What Can Consumers Do to Ensure They Are Buying Legal Chilean Sea Bass? Read More » How many new jobs do small fi rms create? Read More » Is Chilean Sea Bass An Endangered Species? Read More » |
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NewsSeptember 16, 25Wisconsin bill may allow adoptees to access original birth certificates Read More » September 8, 25 Amended death certificate of MA State Police Academy recruit reveals he died from head injury Read More » September 5, 25 78-year-old Florida woman finally gets birth certificate after lifelong wait Read More » September 3, 25 US Congress considers legislation to expedite VA death certificates Read More » |