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Ch. 7 Bankruptcy And Form 982

Discuss the legalities of Bankruptcy Law

Ch. 7 Bankruptcy And Form 982

Postby Berwynn » Tue Dec 06, 2016 9:45 am

s About Taxes)/Ch. 7 Bankruptcy and form 982 Advertisement Expert: John Stancil, CPA - 4/12/2009 I filed BK(chapter 7) in 2008 and all my debts were discharged(credit cards mostly). After reading this and other sites it looks like I do have to file form 982. But I called IRS and on two occassions I was told they do not care about my BK and that I do not have to file any forms and I have to file 982 only if some debt was reported cancelled(1099-c) so this form would offset it. I haven't received 1099-c from any of the creditors.

Do I have to file form 982 or not?

Thanks.
Berwynn
 
Posts: 45
Joined: Sat Feb 22, 2014 1:42 am

Ch. 7 Bankruptcy And Form 982

Postby Berg » Tue Dec 06, 2016 2:54 pm

Paul,

Thanks for your question.

If you qualify for an exclusion you should file Form 982.  Debts discharged in Chapter 7 bankruptcy are taxable income unless you have another exception.

I do not understand why you haven't received any 1099-C forms.  If, after checking with the creditors, you don't get any then they do not need to be reported.

Hope this helps.

John Stancil, CPA
Berg
 
Posts: 44
Joined: Sat Jan 04, 2014 3:20 am

Ch. 7 Bankruptcy And Form 982

Postby Blaisdell » Wed Dec 14, 2016 1:11 am

s About Taxes)/Ch. 7 Bankruptcy and form 982 Advertisement Expert: John Stancil, CPA - 4/12/2009 I filed BK(chapter 7) in 2008 and all my debts were discharged(credit cards mostly). After reading this and other sites it looks like I do have to file form 982. But I called IRS and on two occassions I was told they do not care about my BK and that I do not have to file any forms and I have to file 982 only if some debt was reported cancelled(1099-c) so this form would offset it. I haven't received 1099-c from any of the creditors.

Do I have to file form 982 or not?

Thanks.
Blaisdell
 
Posts: 24
Joined: Tue Jan 14, 2014 4:12 am


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