Archived
Will 1099-C debt relief tax liability be eliminated through Bankruptcy -- even after discharge?
Frank's answer
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Answered on April 16, 2009
To add to the prior explanation of the law regarding the insolvency exclusion for discharge of indebtedness income, Form 982 should be completed...
Archived
Do I need a lawyer for my taxes I owe .I am currently making payments but find it hard to continue these payments.
Frank's answer
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Answered on April 16, 2009
You can call IRS collections (1-800-829-0765)) and ask for an installment agreement with a reduced monthly payment or you can ask to be temporarily...
Archived
Can I use Tax Form 982 to relieve my tax burden for my home equity loan?
Frank's answer
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Answered on April 16, 2009
If you were insolvent at the time the home equity loan was forgiven, you can us Form 982 to avoid recognition of cancellation of debt income. You...
Archived
IF I owe $40k in back taxes then got married & want to file married filing jointly, is my spouse responsible for my back taxes?
Frank's answer
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Answered on April 16, 2009
No. Signing a joint return only makes both spouses liable for the taxes attributable to the taxable year of such return.
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