I have some questions about claiming insolvency when it comes to cancellation of debt for student loans. I'm about 19 years away from getting my loans forgiven, but by the time they are forgiven they will amount to about $170,000.
My questions are:
1) If my husband has a Roth IRA and other brokerage investment accounts in his name only (I am merely the beneficiary), do I have to declare those as MY assets on IRS Form 982?
2) If I have a foreign pension in the UK, do I have to list that on Form 982?
3) We own a house in the US; in Minnesota, specifically. If I execute a quit claim deed giving my interest in our property to my husband a few years before the cancellation of debt, is this enough to fully eliminate my ownership interest in the house for purposes of filling our the Form 982? Or because Minnesota is an equitable distribution state, does this mean I would still have an ownership interest in the property by virtue or our being married even if I do execute a quitclaim deed to my husband?
Thank you in advance for any insight you have to offer!
My questions are:
1) If my husband has a Roth IRA and other brokerage investment accounts in his name only (I am merely the beneficiary), do I have to declare those as MY assets on IRS Form 982?
2) If I have a foreign pension in the UK, do I have to list that on Form 982?
3) We own a house in the US; in Minnesota, specifically. If I execute a quit claim deed giving my interest in our property to my husband a few years before the cancellation of debt, is this enough to fully eliminate my ownership interest in the house for purposes of filling our the Form 982? Or because Minnesota is an equitable distribution state, does this mean I would still have an ownership interest in the property by virtue or our being married even if I do execute a quitclaim deed to my husband?
Thank you in advance for any insight you have to offer!
Form 982: Calculating Insolvency for Cancelled Student Loan Debt
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