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    shawnshawn's Avatar
    shawnshawn Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Apr 12, 2010, 05:52 PM
    1099a, 1099c and Ch7 Bankruptcy - Taxable Income?
    I have been readying this site and seen very similar questions, but just wanted to be sure that the following is true:

    If I have a real estate mortgage included a ch7 bankruptcy (primary resident or rental property) and was fully discharged and I get a 1099a, I DO NOT need to file or do anything with the 1099a regardless of box number 5 and values in boxes 2 and 4.

    How about 1099c if debt was included and discharged as part of the ch7 bankruptcy (for credit cards or mortgages)? Is that also for information only? Any taxable income?

    And basically, are there any taxable income from debt included and discharged as part of a ch7?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    May 7, 2010, 11:52 AM
    It is my belief that any debt discharged under a bankruptcy is NOT taxable income, but I am not sure.

    This is REALLY a legal question best posted to the LAW Forum.
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