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question on bankruptcy 7/taxes

Date: Thu, 03/28/2013 - 13:19

Submitted by anonymous
on Thu, 03/28/2013 - 13:19

Posts: 202330 Credits: [Donate]

Total Replies: 5

question on bankruptcy 7/taxes


I filed bankruptcy chapter 7 in 2012. someone did my taxes for me and they claimed the bankruptcy amount on my taxes. They said I had to claim that this amount was considered income. My tax return this year was very small this year do to this. Was she right about doing this? EMAIL REMOVED PER TOS


This is seriously messed up. The person doing your taxes has no idea about the difference between BK discharged debts and forgiven debts or for that matter how the IRS treats either of them. Turbotax has more brains, use that to prepare your taxes next time on.


lrhall41

Submitted by Steve Barris on Thu, 03/28/2013 - 21:29

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I use TurboTax for my daughters' returns and Tax Hawk for myself. In the past I've had to list "forgiven" debt but then attached a schedule showing I was insolvent. According to my bankruptcy attorney, you do not have to claim what was "forgiven" as income. You need to file an amended return.


lrhall41

Submitted by aubrey on Fri, 04/05/2013 - 13:02

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I hope you did not pay someone to do your taxes cause they are DEAD WRONG. You do NOT claim discharged debt as inome. What an idiot!! Amend your tax return!!!


lrhall41

Submitted by SOAPLADY on Thu, 03/28/2013 - 16:00

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