I got a letter from the IRS saying I owe $5k+ bc I didn't include debt relief of $16k in 2016 as income. How do I claim solvency being my debt outweighed my assets?
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I got a letter from the IRS saying I owe $5k+ bc I didn't include debt relief of $16k in 2016 as income. How do I claim solvency being my debt outweighed my assets?
I called the IRS and they said I need refile for 2016 to be able to do this. Is this accurate or do I just need to submit the proper form? She didn't sound very sure of herself.
I got a letter from the IRS saying I owe $5k+ bc I didn't include debt relief of $16k in 2016 as income. How do I claim solvency being my debt outweighed my assets?
You will amend the return and add the 1099-C and the form 982 to claim Insolvency.
I got a letter from the IRS saying I owe $5k+ bc I didn't include debt relief of $16k in 2016 as income. How do I claim solvency being my debt outweighed my assets?
You will amend the return and add the 1099-C and the form 982 to claim Insolvency.