dimanche 26 février 2017

Federal Taxes: Form 1099c (Debts Cancellation) Form 982 Insolvency Worksheet

Received three 1099c credit card debt cancellation from the same credit card company I use to have an account with, (dated Dec 31, 2016),
and that dates it passes the 36 month testing period according to IRS; they send it after 51 month from last delinquent payments as reported
on credit report year 2012.

My present credit report is clear, no bankruptcy, no judgments, and all other credit accounts been removed from collection and from my credit report.

Preparing worksheet of insolvency:

--Can the total amount of the other delinquent credit card accounts be included in the liability, along with the above motioned 1099c ?
“Although these other accounts been removed from collection and does not show on my credit report any more”.

--If these accounts can be included in the worksheet under liabilities, will they reactivated for collection again, since i haven't received the
1099c forms for them yet ?

-- Does the IRS consider a paid off living home as an assets vs liabilities?

Many thanks for your kind attention, your valuable input will be very helpful, and appreciated.


Federal Taxes: Form 1099c (Debts Cancellation) Form 982 Insolvency Worksheet

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