Do Your Own Debt Consolidaton And Save! Know Exactly When You Will Be Out Of Debt, And Sooner Than You Think. No: New Loans, Credit Checks, Monthly Fees, Discussing Your Situation With...
guest3258 Guest aware that I need to fill out form 982 for insolvency. So, my question is:
ount as income? Or, do I just include the 1099c and 982 when I file?
I appreciate any help! _________________ . lostindebtat50
ount your liabilities exceed your assets. Otherwise, if you have $100,000 in assets and your liabilities are $130,000, you are only insolvent by $30,000.00. I have spent hours on the phone with the IRS trying to determine how they put together if you are insolvent or not. The last lady I spoke with says that you must use "fair market value" of your home and vehicles. On your home, fair market value ultimately will be determined by the IRS if they audit you. When you are deciding how much your home value is you can use a professionally prepared appraisal, a realtor market analysis, if you were just professionally assessed, you could use your town assessment. Regarding vehicles, you could get an estimate from Kelly Blue Book on line, print out your value and put it in a folder. You should put all you evidence in a folder in case you get audited, this includes bank statements, retirement statements and etc., all at point of settlement. They will also want to know how much your furniture and fixtures are worth, do you have any jewelry i.e. wedding ring, lawn mower, tools, boat, snowmobile and etc. All assets need to be included.
After you have determined you are insolvent, you fill out form 982 and include the 1099C with your tax records you send to the IRS.
e ability so to insure you are not audited, use a reasonable value of your real estate if you own any to avoid an audit. _________________ www.lostndebt.savingadvice.com
"It's not the hard times that will get you, it's the good times" guest3528 Guest
literally broke and working to fix that. _________________ . lostindebtat50
You must make sure you can define asset properly. You have an asset, you have a car, do you have furniture, jewelry, clothing? So lets say you have a car, the car is worth $5,000 and you still owe $2,000 - that is equity of $3,000 and it is an asset. Then lets say your personal possessions including furniture, fixtures and clothing come to $2000 (auction value), you have assets of $5000. Now let's say at time of settlement you owed $10,000 to your credit card and $2,000 to your car, so your liabilities are $12,000, so you are only insolvent to the tune of $7,000 - so if your 1099c exceeds $7,000 you have to pay tax on anything over that. _________________ www.lostndebt.savingadvice.com
"It's not the hard times that will get you, it's the good times" gotsgreeneyes
finally not guest3258 anymore. Basically, I have approximately $51k in debt (student loans, car, 2 ccc's that have yet to settle). My assets total roughly $5k (that includes furniture, cars, and clothes). My 1099c is for $5.5k. So, what I need to know is:
1. Do I include the 1099c as income or do I not include it as income and just submit the 1099c and the 982 to show insolvency?
I reading it wrong).
Thanks again for all your help!! lostindebtat50
In my conversation with the IRS, they just require a copy of the 1099c and the form 982 if it is for an individual personal return. However, you should print out your asset and liability position and put it with your tax records in the event of a future audit. From the information you have provided, you are insolvent and should not have to pay tax on the income. _________________ www.lostndebt.savingadvice.com
"It's not the hard times that will get you, it's the good times" gotsgreeneyes
Forgive me for sounding completely dumb, but is there a special asset/liability form that I need to fill out? I have no idea because I have never had to do this before. Thanks again! Kdebt.com
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