if you go to this link and read about 2. Is Cancellation of Debt income always taxable section, it says if someone files bankruptcy 'or' become insolvent, they don't owe the debt by lenders.
Link:
http://www.irs.gov/newsroom/article/0,,id=174034,00.html
1 home is already foreclosed/auctioned out, and the other home is to be foreclosed very soon... i'm working with a bankruptcy lawyer (already paid him in full) to file it, too.
do you think i shouldn't have filed bk since i'm insolvent (unable to pay 1099 if charged by irs)?
2007-11-05
04:16:19
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3 answers
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asked by
h
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in
Renting & Real Estate