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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... |
FAQQ. I chose to have my tax refund deposited onto a "stored value card" or debit card through the professional tax preparer I used. Will my stimulus payment be directly deposited onto that same stored vRead More » I AM A REFUGEE. HOW DO I BECOME A PERMANENT RESIDENT? Read More » What is a reaffirmation agreement? Read More » HOW DO THE NOTARIAL FUNCTIONS OF U.S. CONSULAR OFFICIALS DIFFER FROM THOSE OF A U.S. NOTARY PUBLIC? Read More » |
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