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Old 01-25-2014, 08:11 AM   #1
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Unhappy IRS- help- I might be behind the 8 ball

As you recall-- I filed chapter 7 bankruptcy this past Summer.

At issue now is a 1099-C form I got cancellation of debt, $12,395 (box 2) of that the interest $7707 box 3. (student loan)

My SSDI for 2013 was $9948.

I been reading, googling and I run into double -conflicting info. A few years ago- I was a day trader- mostly miners stock. I never filed. The IRS came down on me. So I had to go to an accountant- and bottom line, is once it was all itemized, I lost $2000. Happily the IRS did not fine or penalty me.

In general, if you are liable for a debt that is canceled, forgiven, or discharged, you will receive a Form 1099-C

Debt Cancellations or Reductions that Qualifiy for EXCEPTION to Inclusion in Gross Income:

Amounts specifically excluded from income by law such as gifts, bequests, devises or inheritances
Cancellation of certain qualified student loans
Canceled debt, that if it were paid by a cash basis taxpayer, would be deductible
A qualified purchase price reduction given by a seller
Any Pay-for-Performance Success Payments that reduce the principal balance of your home mortgage under the Home Affordable Modification Program

Canceled Debt that Qualifies for EXCLUSION from Gross Income:

Debt canceled in a Title 11 bankruptcy case
Debt canceled during insolvency
Cancellation of qualified farm indebtedness
Cancellation of qualified real property business indebtedness
Cancellation of qualified principal residence indebtedness

I dont know if there is a way to offset this.

In the past 2 months- I been selling a portion of my stack. I had hoped to replace it in July.
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Old 01-25-2014, 08:17 AM   #2
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Personal Exemptions. The personal exemption amount is $3,950 in 2014
Standard Deductions. The standard deduction rises to $6,200 for single taxpayers

That totals $10,150

If one files- I think you reduce by half the amount of the SSDI
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Old 01-26-2014, 03:26 PM   #3
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I think I got an answer- I file a form 982 or something with my 1040. It should be exempt I am told.
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