What is the name of your state (only U.S. law)? IL
Anyone with any knowledge or experience of having debt forgiven and then getting 1099-c(s)? Ideally you match my situation: married; i filed for bk; spouse did not , but instead did debt negotiation and recvd some 1099-C s.
we want to ideally claim insolvency for her, but i am not sure how to do this when two people jointly own the major asset, our home. s/ this be listed at 50 pct of the asset value? how does the irs determine value for homes? i know from bk there is a certain formula that deducts selling costs to arrive at a net value.
. so my question is when we tally her assets and liabilities, do we say she has 50 pct of the home and 50 pct of the mortgage? Or can you reasonably parse a mortgage. While I can see that if the house were sold, she cd get 50 pct, 50 pct of a mortgage cannot exist. I cannot send 50 pct of the mortgage and expect it to count as a whole payment, eg.
so if anoyne has ever done this -- married filing jt and onbe spouse did 1099-c w/ jt home ownership, I 'd be curious what you did
Anyone with any knowledge or experience of having debt forgiven and then getting 1099-c(s)? Ideally you match my situation: married; i filed for bk; spouse did not , but instead did debt negotiation and recvd some 1099-C s.
we want to ideally claim insolvency for her, but i am not sure how to do this when two people jointly own the major asset, our home. s/ this be listed at 50 pct of the asset value? how does the irs determine value for homes? i know from bk there is a certain formula that deducts selling costs to arrive at a net value.
. so my question is when we tally her assets and liabilities, do we say she has 50 pct of the home and 50 pct of the mortgage? Or can you reasonably parse a mortgage. While I can see that if the house were sold, she cd get 50 pct, 50 pct of a mortgage cannot exist. I cannot send 50 pct of the mortgage and expect it to count as a whole payment, eg.
so if anoyne has ever done this -- married filing jt and onbe spouse did 1099-c w/ jt home ownership, I 'd be curious what you did