June 1st, 2010 | 
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JP asked:
I filed ch 7 bankruptcy in 2009 and although the discharged debt isn’t considered taxable income, I’m unsure whether there are any other tax implications. Specifically, I’ve read about IRS form 982 (reduction of tax attributes on discharged debt) but I’m not sure if I need to fill that out or not? I haven’t received any 1099-C’s or anything and I understand that’s as it should be. The discharged debts were 2 credit cards and a couple small medical bills. I have minimal assets and I rent an apartment, if that matters. My taxes are really simple to do otherwise ( one W-2), but if I have to fill out form 982 and make reduction of tax attribute computations then I’d rather take it to a professional. I would just take it to a pro, but I’m on a very low income and would hope to be able to do it myself. Thanks in advance for any help.
I filed ch 7 bankruptcy in 2009 and although the discharged debt isn’t considered taxable income, I’m unsure whether there are any other tax implications. Specifically, I’ve read about IRS form 982 (reduction of tax attributes on discharged debt) but I’m not sure if I need to fill that out or not? I haven’t received any 1099-C’s or anything and I understand that’s as it should be. The discharged debts were 2 credit cards and a couple small medical bills. I have minimal assets and I rent an apartment, if that matters. My taxes are really simple to do otherwise ( one W-2), but if I have to fill out form 982 and make reduction of tax attribute computations then I’d rather take it to a professional. I would just take it to a pro, but I’m on a very low income and would hope to be able to do it myself. Thanks in advance for any help.
Pat
Evan Navarre
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You have to do nothing.
if you have no 1099 c’s as yet, there is nothing to report