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Posted Feb 2nd, 2012
filed a chapter 7 in 2010 and it was discharged in Nov 2010. I surrendered the house in the
bankruptcy because behind on mortgage.

Additional Details:
today I received a 1099-a with the fmv less than the loan amount. do i have to claim that as income
Legal Topic Area: Bankruptcy in MS

No, you do not have to pay taxes on any forgiveness of debt income, as that is excluded from income after a bankruptcy. However, it may reduce certain tax attributes you may have, so you should file a Form 982

with the IRS. If you have questions on this, you should discuss them with your accountant.

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/

bankruptcy blog: http://bklaw.com/bankruptcy-blog/

Follow Me on Twitter: @bklawr


Answered on Feb 3rd, 2012 at 1:44am