The case was approved August 2006. We continued paying our Mortgage and car payment but all else is part of the payment plan through the courts. Will that be considered income? Thats our concern for taxes due.
2006-11-03 15:57:54 · 3 answers · asked by Leilani_20 1 in Business & Finance ➔ Taxes ➔ United States
Read this and pay close attention to Debt Cancellation as it explains what is included as gross income, and what is excluded;
http://www.irs.gov/publications/p908/ar02.html#d0e1058
2006-11-03 16:08:41 · answer #1 · answered by RamsGod 3 · 1⤊ 0⤋
No .The only income you have is what you earned and has nothing to do with Ch.13. I know someone who filed a few years ago on a payment plan and their only income is what they earned and nothing from bankrupcy.
2006-11-04 09:58:35 · answer #2 · answered by Fly Boy 4 · 0⤊ 0⤋
No it is not considered income. You will get the deductions for mortgage interest as you always have if it more than the standard deduction.
2006-11-04 00:01:17 · answer #3 · answered by EAA Duro 3 · 0⤊ 0⤋