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#1
02-05-2007, 01:34 PM
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1099 Form from CreditorWhat is the name of your state? Washington I am in the middle of a Chapter 7 and I received a 1099 form from Trendwest Resorts, which was a creditor included in the BK. Do I have to pay income tax on the amount that was reported?  |
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#2
02-05-2007, 06:50 PM
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| Go to the IRS site and type in 1099C and bankruptcy. You'll find 2 exceptions to a tax liability are, IIB and insolvency. |
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#3
02-10-2007, 11:42 AM
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| Debts included and discharged in a bankruptcy are NOT considered taxable income because the bankruptcy declares you as 'officially' insolvent. While the creditor may have felt it was necessary to send out the 1099, it's not going to affect you.
__________________ "Knowledge is Power - use it as you see fit ! I am not a lawyer or a member of the legal profession. My advice is based on research and experience, my own and others, some who practice law. You decide for yourself what actions you do or do not take from my advice. |
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