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- Re: Insolvency on 1041
Insolvency on 1041
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carolsawaya858
Level 2
02-18-2023
02:53 PM
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Client passed away and has credit card COD's in social security number in the year following her death.
I showed the COD as other income, but is there an insolvency form 982 on the 1041?
Not sure how to show insolvency on 1041.
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3 Comments 3
carolsawaya858
Level 2
02-18-2023
03:36 PM
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Sale of stock, schedule D. No Capital gains, but required to be reported.
BobKamman
Level 15
02-18-2023
03:44 PM
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Well, no, that's a common misconception, "gross income" is not the same as "gross proceeds." So maybe you're still under $600. Were the proceeds used to pay the debt? Should they have been?
