I filed for Chaper 13 this past year. How do I include this on my taxes?

[kdj6663]

Is there a specific form(s) I need to complete?  Please help.

[MargaretL · Accepted solution]

No - there is no specific form for you to complete to indicate your bankruptcy.  And in general, bankruptcy will not have an impact on your income tax return; any debts that are discharged in bankruptcy are excluded from income. And if you are on a payment plan, you can still deduct your "applicable" deductions.

IF you ever receive a form 1099-C from one of the creditors for which debt will be discharged, it may be next year or in a couple of years... it will indicate a bankruptcy discharged debt.  Please be sure to report the form 1099-C and file form 982, which shows the debt was relieved in bankruptcy (it is recommended to use the Cd/Download product of Turbo Tax if that's the case or to contact one of your local tax professional to help you with the Form 982).

[4jorge]

That doesn't make sense to me.  In my Chapter 13 filing there is a repayment plan. I am repaying home loan payments that I missed and no debts where discharged. Isn't the interest on home loan payments tax deductible?

[MargaretL]

You are correct. If you are on a payment plan and still paying your interest, it is deductible as usual. You won't receive 1099-C if the debt will not be discharged.