1099 Mortgage Forgiveness Tax Liability Insolvency
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Ok Richard, there might be a problem here. When you read the instructions by the IRS for form 982 on debt cancellation, you must calculate your IRAs and retirement funds as an "asset" even though in bankruptcy they would be excluded. So a modest retirement account of $75,000 would not render you insolvent under these rules, depending on how underwater you are on your debts.
Iambusy3 11 months ago
Great comments worth noting for most businesses. You should seek professional advice from a insolvency auditor before paying anything. Moe Nawaz
moenawazCOM 1 year ago