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Asked by: covici
I filed a bk and received a 1099-C for $ 24,000 from a heloc I have on a foreclosed home. Do I have to file this with my 2012 income tax?
Quick Answers on Jan 27, 2013
Unless there is a bankruptcy trustee filing a return for you, this needs to go on YOUR return.
If the debt was discharges in bankruptcy, go directly to form 982 filling in both parts. If the debt was NOT discharged, you have to prove insolvency first or show that this was money used to buy your home.
Part II is not easy, so I would recommend hiring someone.
There is some information in IRS pub 4681.
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