I filed bk and had it discharged back in december 2011. 1099 for house that i walked away from

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   Brian WhitakerPro

   San Diego Bankruptcy Attorney

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   Answered February 06, 2013 13:09. You are correct ... you will not have to pay taxes on it. Simply file a Form 982 with your tax return and check Box 1a which says the debt was discharged in BK.

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   Michael AvanesianPro

   Glendale Bankruptcy Attorney

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   Answered February 06, 2013 14:07. This really bothers me that it's a Chapter 11.
   
   First, the order confirming the plan and/or plan may include language that alters whatever you think the law is.
   
   Second, there are many tax consequences that arise from a Chapter 11 which your bk attorney should have told you about and some that he should have deferred to a tax attorney.
   
   Finally, debts incurred post petition are generally not discharged. So if after you filed for bankruptcy, these causes of action arose, then there may not necessarily be any discharge!

   The above is general legal and business analysis. It is not "legal advise" but analysis, and different lawyers may... moreThe above is general legal and business analysis. It is not "legal advise" but analysis, and different lawyers may analyse this matter differently, especially if there are additional facts not reflected in the question. I am not your attorney until retained by a written retainer agreement signed by both of us. I am only licensed in California. See also avvo.com terms and conditions item 9, incorporated as if it was reprinted here. Please visit my web site: www.avanesianlaw.com for more information about my services. less

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3. 

   Scott Riddle

   Atlanta Litigation Lawyer

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   Answered February 06, 2013 12:57. Your CPA or Tax Account will know how to handle this. Don't ignore it - that'll only get you a bill from the IRS.

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   Diane L Gruber

   West Linn Bankruptcy Attorney

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   Answered February 06, 2013 12:56. You need to meet with an experienced tax-preparer ASAP. Be sure to take your bankruptcy petition and the discharge notice with you.

   Be sure to designate "best answer." If you live in Oregon, you may call me for more detailed advice, 503-650-9662.... moreBe sure to designate "best answer." If you live in Oregon, you may call me for more detailed advice, 503-650-9662. Please be aware that each answer on this website is based upon the facts, or lack thereof, provided in the question. To be sure you get complete and comprehensive answers, based upon the totality of your situation, contact a local attorney who specializes in the area of law that involves your legal problem. Diane L. Gruber has been practicing law in Oregon for 26 years, specializing in family law, bankruptcy, estate planning and probate. Note: Diane L. Gruber does not represent you until a written fee agreement has been signed by you and Diane L. Gruber, and the fee listed in the agreement has been paid. less

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5. 

   Matthew Berkus

   Denver Bankruptcy Attorney

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   Answered February 12, 2013 09:15. Let's back up, you mention the 1099 you received was a 1099-A. That is a different issue than a 1099-C which reports forgiven debt income. Your bankruptcy is entirely irrelevant to how you handle a 1099-A. A 1099-A reports that a transfer of real estate occured (I am assuming we are talking about a foreclosure, sale, or transfer that occured inside the chapter 11).
   
   1099-A raises a capital gains issue (Schedule D of IRS Form 1040). If the property was your principal residence, then there is not likely anything you need to do. You can exempt up to $250K for filing single and $500K gain for filing married/joint, so it is unlikely in a bankruptcy/foreclosure scenario that you had any gain. If you had no gain above the exempt amounts, then there is nothing you need to do.
   
   If the property was an investment property, the issues are different and that is a different discussion.

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