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*will Give 10 Points!!!* Tax Question Please Help!?

I received 2 1099-C’s for debt settlements (personal loan & credit card) total of approx. $16,000. It looks like filing a Form 982 for insolvency would give me about $2,500 more in refund. How complicated is it to file for insolvency? Do I need an attorney? Is it more involved than just filing the Form? I am trying to decide if it’s worth it. I always do my own taxes except if I file for insolvency I would have to pay someone to do the taxes. Any help would be appreciated.
Thanks so much ^_^

1 comment to *will Give 10 Points!!!* Tax Question Please Help!?

  • Randall the EA

    I’d rather have $100 than 10 points.
    You need an attorney to file for bankruptcy.
    You either ARE or ARE NOT insolvent.It is a definition of:
    If your assets are worth less than what you owe, you ARE insolvent. End of story.
    Form 982 is complex. Hire a tax pro. Pay the money. It won’t cost you $2500. And you’ll get peace of mind.

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