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mikee01
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I received a 1099-c recently well after taxes due timeframes. I was insolvent at the time. do I need to file amended return?

 
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2 Replies
Anonymous
Not applicable

I received a 1099-c recently well after taxes due timeframes. I was insolvent at the time. do I need to file amended return?

what year is on the 1099-C - 2019 or earlier.  if 2019, you need do nothing until you file for the current year, if prior, seek professional advice.  the IRS already could send you a notice and maybe even a bill.   A pro can look at the various options to reduce or eliminate any taxation of the debt forgiveness.     

 

 

 

mikee01
New Member

I received a 1099-c recently well after taxes due timeframes. I was insolvent at the time. do I need to file amended return?

I filed bankruptcy in Sept 2018. I completed my tax return for 2018 before April 2019. My refund was sent to the trustee and I received the balance by end of Jun 2019. Then I received a 1099-C in late Aug 2019. I assume I need to file an amended return indicating I was bankrupt and insolvent at the time. This will insure I owe no taxes? But the IRS has not contacted me for anything?

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