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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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FAQWhere are the biggest growth areas for outsourcing and why?Read More » Which documents are needed for marriage abroad? Read More » I am a U.S. citizen working abroad. Are my foreign earnings taxable? Read More » What is the application process to participate in pre- or post-completion OPT? Read More » |
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NewsSeptember 11, 26Actress Shelley Fabares died from pneumonia – death certificate Read More » September 2, 26 New VA laws allows adoptee to access original birth certificates as CA considers similar measure Read More » August 27, 26 New York woman uses power of attorney to steal nearly $22,000 Read More » August 21, 26 Indian woman accused of using fake death certificate to defraud mother-in-law Read More » |