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FAQ / What if I am insolvent?A taxpayer is insolvent when his or her total liabilities exceed his or her total assets. The forgiven debt may be excluded as income under the "insolvency" exclusion. Normally, a taxpayer is not required to include forgiven debts in income to the extent that the taxpayer is insolvent. The forgiven debt may also qualify for exclusion if the debt was discharged in a Title 11 bankruptcy proceeding or if the debt is qualified farm indebtedness or qualified real property business indebtedness. If you believe you qualify for any of these exceptions, see the instructions for Form 982. For more information, see highlights of the Mortgage Forgiveness Debt Relief Act. |
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TestimonialsJohn BeacleayJust wanted to say thanks again for all your help Anton. I mean it's really amazing to me that yo... As a foreigner, I needed a certified translation, so I called the DOE to give me a list of the ce... |
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NewsFebruary 25, 26Federal Appeals Court denies request to prevent IRS from sharing immigrant data with DHS Read More » February 18, 26 New Yorkers frustrated with severe delays retrieving birth, death, and marriage certificates, as well as other vital records Read More » February 10, 26 Late actress Catherine O’Hara battled cancer – death certificate Read More » February 4, 26 Former Michigan Democratic Party treasurer charged with abusing power of attorney Read More » |