The Law Office of Andrew Magdy
Saint Louis Bankruptcy

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Everything You Need To Know About Bankruptcy In Saint Louis

Posts in Taxes
I Received a 1099. What Do I Do?

If you have filed bankruptcy, you will not include the discharged debt in your gross income. The section further explains that if you have not filed bankruptcy, you may still exclude this amount from income if you were insolvent at the time the case was filed. This simply means that if your liabilities exceed your assets, you will not have to recognize any forgiven debt as income. You would be surprised at how many tax preparers do not know this.

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TaxesAndrew MagdyIRS, 1099