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Form 982 for 2014

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    #1

    Form 982 for 2014

    My client received a 2014 1099-C for credit card debt. He is insolvent. Will form 982 be available in 2014?
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    #2
    He is insolvent.
    I've always hated that statement. Insolvency isn't a "yes/no" question. Let's say I'm insolvent by $20,000 and receive a 1099-C for $40,000. Can I exclude $40,000 by using insolvency? No, because I'm only insolvent by $20,000.

    The answer is yes though. Insolvency still here for 2014. The principal residence indebtedness expired at the end of 2013.

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