I can only answer in a general sense with some assumed facts. (1) Assuming you received a discharge in your prior bankruptcy, (2) that the debt in question was a dischargeable debt, and (3) the debt in question was part of your prior bankruptcy, THEN you would not be liable to pay tax on the discharged amount. The IRS Form you need for this issue is Form 982 and the associated instructions.
@@priscillaroberts4203 You are welcome. The check box on Form 982 that you would check is "(1)(a) Discharge of indebtedness in a title 11 case." That will make more sense when you see the form. Title 11 is the bankruptcy code.
@@bankruptcybailout thanks I've called my account and she says ask our lawyer and he says to ask her it's such a mess we got our chaper 7 discharge in 2018 and just got the 1099c for 2020
Hi I seen one of your old videos and I have a question please we filed bankruptcy 2yrs ago and we got a 1099c this year do I owe taxes on that 1099c
I can only answer in a general sense with some assumed facts. (1) Assuming you received a discharge in your prior bankruptcy, (2) that the debt in question was a dischargeable debt, and (3) the debt in question was part of your prior bankruptcy, THEN you would not be liable to pay tax on the discharged amount. The IRS Form you need for this issue is Form 982 and the associated instructions.
@@bankruptcybailout thanks so much you answered my question God bless
@@priscillaroberts4203 You are welcome. The check box on Form 982 that you would check is "(1)(a) Discharge of indebtedness in a title 11 case." That will make more sense when you see the form. Title 11 is the bankruptcy code.
@@bankruptcybailout thanks I've called my account and she says ask our lawyer and he says to ask her it's such a mess we got our chaper 7 discharge in 2018 and just got the 1099c for 2020