Can you inform me on How to complete the Form 982 regarding a Repossession Cancellation Debt? I have all the information I just don't know where to put it correctly on the Form.
While I'm happy to provide general advice online, I can't provide personal guidance without an engagement with the taxpayer. If you want professional help, feel free to call me at 972-821-1991.
Hello, I have a question about debt cancellation. So my parents filed for chapter 7 in late 2020. They went to court and met with a lawyer. They have an appointed trustee for their case. However they haven't receive an official discharge for the debt yet as of now 2021. Do they recognize the DEBT CANCELLATION for the year they filed for bankruptcy 2020, or when they official received paper that their debt(s) is cancelled?
@@leejmuam1 It should be if it was discharged in 2021 in the bankruptcy. The company should send it when a debt is considered to be no longer collectible.
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Can you inform me on How to complete the Form 982 regarding a Repossession Cancellation Debt? I have all the information I just don't know where to put it correctly on the Form.
While I'm happy to provide general advice online, I can't provide personal guidance without an engagement with the taxpayer. If you want professional help, feel free to call me at 972-821-1991.
@@bobjablonskytaxrelief ok thank you
Hello,
I have a question about debt cancellation. So my parents filed for chapter 7 in late 2020. They went to court and met with a lawyer. They have an appointed trustee for their case. However they haven't receive an official discharge for the debt yet as of now 2021. Do they recognize the DEBT CANCELLATION for the year they filed for bankruptcy 2020, or when they official received paper that their debt(s) is cancelled?
They would have to report any debt cancellation in the year they receive the 1099.
@@bobjablonskytaxrelief Thank you.
They are still in the process so I would assume that any 1099 would be mailed to them next January.
@@leejmuam1 It should be if it was discharged in 2021 in the bankruptcy. The company should send it when a debt is considered to be no longer collectible.
@@bobjablonskytaxrelief Thank you
Hey Bob. i live in texas as well. Can you assist me my taxes this year?
I'd be happy to talk to see if I can help you Chime. Please give me a call at (972) 821-1991.