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Level 3
02-13-2023
04:26 PM
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How to exclude cancelled debt income due to insolvency not title 11 or bankruptcy. Taxpayer had debt forgiven in connection to a car loan. Taxpayer could not pay due to insolvency. I clicked the box on form 982 but I don't know how to proceed further. I remember in previous years there was a form to enter assets and liabilities to determine insolvency.
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Level 15
02-13-2023
04:30 PM
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Theres an Insolvency worksheet in the Canceled Debt worksheet that you can QuickZoom to at the bottom of the 1099C worksheet.
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