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Canelled Debt---Insolvent

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    Canelled Debt---Insolvent

    2nd guessing myself. Client had a 1099-C (new to me) for cancelled credit card debt. I did the worksheet form pub 4681 and she was most definetely insolvent at that time, more so than the cancelled debt. So I did, 982 and excluded the amount from income. Did I do that right?

    #2
    Insolvent

    Sounds like the right outcome to me.

    BMK
    Burton M. Koss
    koss@usakoss.net

    ____________________________________
    The map is not the territory...
    and the instruction book is not the process.

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      #3
      Thank you so much!

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