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| *Loan,banking and credit>>>income tax |
Do you have to claim your bankruptcy on your income taxes? |
Do you have to claim your bankruptcy on your income taxes? Well young lady, as an IRS worker, here is my best suggestion for you. Go to irs.gov and search bankruptcy. The one gentleman is correct. If a 1099-C is received you will have to report the cancellation of debt as income. However, even if you don't receive a 1099-C you may have to report the income. Your reporting requirements depend on the type of bankruptcy and what status it is in at the end of the calendar year. Go to the IRS website and look up the info. You are a very intellegent person and I I know you'll figure it out just fine. Whatever you do, do not rely on strangers for advice on this. If you don't report the income when you should have the IRS will find it and send you a notice a year from now. Then you'll have lots of lovely interest and penalties to pay on top of the original tax. I used to work in that department and I know of what I speak. Those 1099-Cs were a surprise to many people. Source(s): http://www.irs.gov/ http://www.irs.gov/publications/p908/ind... What are you going to claim, you racked up debt and didn't pay your bills!!!! No, but the credit card company may send you a 1099-C which is a cancellation of debt, if they do you have to claim it on your taxes as income. |
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