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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... |
FAQHOW DO THE NOTARIAL FUNCTIONS OF U.S. CONSULAR OFFICIALS DIFFER FROM THOSE OF A U.S. NOTARY PUBLIC?Read More » Q. How can I get information from your autofax and home page services? Read More » Are there any limitations on frequency of filing K-1 Fiance (e) visa petitions? Last year I filed K-1 Fiance (e) visa petition for my ex-fiancee, it was approved, my fiancee came here, but we broke up Read More » Can I take my dog with me on vacation to Canada? Read More » |
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NewsApril 30, 26Melrose Place actor Patrick Muldoon died of heart attack – death certificate Read More » April 24, 26 NJ couple finally receive corrected marriage license after almost 2-year wait Read More » April 13, 26 Superman actress Valerie Perrine died of cardiac arrest – death certificate Read More » April 2, 26 WA adopts Millionaire’s Tax Read More » |