Cancellation Of Debt

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  • BOB W
    Senior Member
    • Jun 2005
    • 4061
    #1

    Cancellation Of Debt

    Is it sufficient to just complete 1099C input screen declaring insolvency? I have assets and Liabilities (negative).
    Last edited by BOB W; 04-01-2011, 05:18 PM.
    This post is for discussion purposes only and should be verified with other sources before actual use.

    Many times I post additional info on the post, Click on "message board" for updated content.
    Tags: None
    • peggysioux
      Senior Member
      • Sep 2006
      • 666
      #2
      Cancellation of Debt

      You need to also complete a 982 - Reduction of Tax Attributes Due to Dischage of Indebtedness.

        Comment

        • BOB W
          Senior Member
          • Jun 2005
          • 4061
          #3
          Originally posted by peggysioux
          You need to also complete a 982 - Reduction of Tax Attributes Due to Dischage of Indebtedness.
          I reviewed that form but there is no balance sheet reporting proving Illiquidity. O'well.
          This post is for discussion purposes only and should be verified with other sources before actual use.

          Many times I post additional info on the post, Click on "message board" for updated content.

            Comment

            • Matt Sova
              Senior Member
              • Jun 2005
              • 645
              #4
              Insolvency

              UltraTax provides a solvency screen. I have the client provide me with the information to fill that screen out to determine insolvency.
              I would put a favorite quote in here, but it would get me banned from the board.

                Comment

                • BOB W
                  Senior Member
                  • Jun 2005
                  • 4061
                  #5
                  Originally posted by Matt Sova
                  UltraTax provides a solvency screen. I have the client provide me with the information to fill that screen out to determine insolvency.
                  How do I find it??? I have UT.

                  Nevermind>>>I found it... Thanks Matt
                  Last edited by BOB W; 04-02-2011, 11:58 AM.
                  This post is for discussion purposes only and should be verified with other sources before actual use.

                  Many times I post additional info on the post, Click on "message board" for updated content.

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