I want to claim insolvency on my taxes to be exempt from taxes on $ from four 1099-c's totaling $24k that my spouse recvd because she did not want to go in on bk w/ me jointly. So she settled her cc debts and now has recvd these 1099-c's. I , of course do not have these. We normally file jointly, but in this case, we might have to re-think it? I read that claiming insolvency will increase the probability of a IRS tax audit. SO What tax prep software would be the best to choose that a) understands and can process 1099-c and insolvency claims and b) defend against a (probable) audit? Or s/ we got to some human company that would also defend against an audit?
Insolvency is defined as debts > assets. One question on this would be : we have a house we own together. So her assets would presumably be half of the equity and what would the debt portion of the house be for her ? half of the mortage or the full mortgage since , unlike assets, a mortgage cannot be parsed ( right?).
Insolvency is defined as debts > assets. One question on this would be : we have a house we own together. So her assets would presumably be half of the equity and what would the debt portion of the house be for her ? half of the mortage or the full mortgage since , unlike assets, a mortgage cannot be parsed ( right?).
Federal Taxes: Spouse Recvd 4 1099-C's, While I Did Bk+what is the Best Tax Prep Software for This
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