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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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TestimonialsNiranjan SujayI recently used LOGOS INTERNATIONAL for the translation of my bachelor’s certificate, and I couldn’t... Read More » Katia Nagata 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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NewsOctober 19, 24Gmail users targeted with sophisticated AI scam involving death certificate Read More » October 14, 24 Hurricanes Helene and Milton result in delays in processing vital records, certified copies of corporate and court documents, as well as apostilles and authentication certificates Read More » October 3, 24 Actor John Amos died of congestive heart failure – death certificate Read More » October 1, 24 Lana Del Rey obtains marriage license to tie knot with boyfriend – report Read More » |