Taxpayer insolvency TTB - 14-13

[AZ-Tax]

"A taxpayer is insolvent to the extent that the total of all their liabilities
exceeds the FMV of all their assets immediately before
the cancellation of debt"

Client did NOT declare bankruptcy

Any way to get around the insolvency worksheet for my client may not have a clue back then. My client received 2-1099-C's. So does the worksheet pertain to liabilities and assets just before the first cancellation of debt in 2010?

[BOB W]

"A taxpayer is insolvent to the extent that the total of all their liabilities
exceeds the FMV of all their assets immediately before
the cancellation of debt"

Client did NOT declare bankruptcy

Any way to get around the insolvency worksheet for my client may not have a clue back then. My client received 2-1099-C's. So does the worksheet pertain to liabilities and assets just before the first cancellation of debt in 2010?

I would do a worksheet for each 1099C date.

[AZ-Tax]

Does anyone have a Insolvency Wkst in msexcel?

I would do a worksheet for each 1099C date.

Does anyone have an Insolvency worksheet already in a msexcel worksheet?

Or is there one on the web where it calculates and if so can reply with the web address.

[oceanlovin'ea]

There is a worksheet in CFS Tax Tools. It is called Cancellation of Debt Worksheet - Insolvency. That is what I used.

If you don't have CFS Tax Tools, send me an email and I will email a copy to you.

Linda, EA

[MariaR08]

There is a worksheet in CFS Tax Tools. It is called Cancellation of Debt Worksheet - Insolvency. That is what I used.

If you don't have CFS Tax Tools, send me an email and I will email a copy to you.

Linda, EA

Hi Linda! If you don't mind... would you send me a copy as well. I'd appreciate it! Thanks!

I'll PM you my email in just a bit.

~Maria

[MilTaxEA]

You can download the full-featured (except printing) CFS Tax Tools demo from their website: http://www.taxtools.com/products_tt.aspx.

[AZ-Tax]

Here is an auto calculates spreadsheet

http://www.hkmscpa.com/

8th one down "Insolvency and Foreclosure worksheet".

I "saved as" into my C drive if needed in the future.