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Wednesday, February 25, 2015

Cancelled Debt, and Bankruptcy Discharge

It is that time of year again, tax time. The phone rings off the hook as old clients try and navigate the occasional 1099-C form that they receive and the sinking feeling of owing taxes. Here are some publications that I suggest that you read.  IRS Publication 4681.

You will need Form 982, as well.

Now, most creditors will not, or are not required to send this form out. But it happens from time to time. That is why the IRS has the from and publication mentioned above.  But fee free to ask me questions.

*I am not a tax professional, I am not a CPA, or Tax Attorney, and all information and discussions pertain to the information provided in the Form 982 and IRS Publication 4681 and are subject to other interpretations by other professionals and lay persons and ultimately by the IRS. No information should be construed as legal advice and none is given, this is for general informational purposes only.    

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