Client filed for bankruptcy in 2008. Discharged in 2009.
Has received 1099-c's totalling approx $30,000.
My question -do you only report on Form 982 debts for which you have received form 1099-c's? Or should the total bankruptcy discharge amount be reported on Line 2 of form 982.
Second question: My client has a partnership with a few assets (basis of $8000). The bankruptcy trustee didn't want any of the assets so my client still has them. They don't have any NOL's or capital loss carryovers. My understanding is I need to get my clients bankruptcy discharge and see what her excess of assets over liabilities is and report this up to $30,000.
Am I correct...or have I gone completely astray!
Has received 1099-c's totalling approx $30,000.
My question -do you only report on Form 982 debts for which you have received form 1099-c's? Or should the total bankruptcy discharge amount be reported on Line 2 of form 982.
Second question: My client has a partnership with a few assets (basis of $8000). The bankruptcy trustee didn't want any of the assets so my client still has them. They don't have any NOL's or capital loss carryovers. My understanding is I need to get my clients bankruptcy discharge and see what her excess of assets over liabilities is and report this up to $30,000.
Am I correct...or have I gone completely astray!