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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 completing its 2008 Form 1065 Schedule B, questions 3 and 4, what percentage interest in profit, loss, or capital should Partnership P report for individual partners A and B, and corpoRead More » Q: How do you determine whether the Convention applies in a case involving U.S. citizen prospective adoptive parent(s) residing abroad who seek to adopt a child resident in the United States? Read More » Can I use Single Status Affidavit in Israel? Read More » How do I change my name on my passport? Read More » |
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NewsAugust 27, 25NYC apartment building residents angry at “aggressive” squatter with criminal record Read More » August 22, 25 UK man issued 2 death certificates to allegedly cover up hospital’s negligence – report Read More » August 18, 25 Same-sex marriage certificates under question after court case requests overturn of 2015 legalization of same-sex marriage nationwide Read More » August 14, 25 Michigan man sentenced to over 20 years in prison for murdering wife after receiving divorce court papers Read More » |