Comments on: IRS Releases New Insolvency Pub

By: Cynthia

Cynthia — Thu, 14 Jul 2011 20:11:24 +0000

If my husband buys a home the same yr I foreclose on the old home can we still file insolvency?
We filed jointly last yr
Can we file separate this yr to avoid problems?

By: komputerjeanyus

komputerjeanyus — Sun, 20 Feb 2011 15:49:33 +0000

To calculate the household goods, use a value that you would get if you sold that item in a yard sale or if you took an item to a pawnshop. For example, I listed my cups and dishes at 25 cents a piece. I had 22 glasses and coffee mugs which was valued at $5.50. For appliances you can check out Craigslist to get a ball park idea of what the appliance is worth. I valued my 12 year old dryer at $50. I also assigned every item a condition value in my “Conditional Rating System”. I assumed “Fair” condition unless otherwise noted in my spreadsheet that I created.

Poor/Not running or working
Well Worn
Worn
Fair
Good

Most items are in what I call “fair” condition which means the average person would get use of the item still. “Good” means lightly used or recently purchased. I believe the rest are self-explanatory.

By: IRS Releases New Insolvency Pub | Internet Tax Lawyers

IRS Releases New Insolvency Pub | Internet Tax Lawyers — Fri, 01 Oct 2010 04:37:28 +0000

[...] Source [...]

By: Bill

Bill — Mon, 16 Aug 2010 18:34:56 +0000

Did anyone answer the question from jack ryka on interest on pension plan?

By: Peggy

Peggy — Tue, 13 Apr 2010 18:50:11 +0000

On the Insolvency Worksheet Assets line 19 for Residence ect. do I put what the full assed value of our home and property is or what we have in equity? Also line 22 how is the best way to determine the value Household goods and properties?

By: Kelly

Kelly — Sat, 10 Apr 2010 20:19:06 +0000

Jack, as I understand it, you would include the full value of a pension plan on the worksheet, but not your SS benefits. I believe this is true even if state law would otherwise protect your pension from creditors.
You do include SS as income on your tax form (though it may or may not be taxable, depending on your situation). It’s generally not considered an asset.
All of that said, I am not 100% about how SS affects an insolvency worksheet – you might want to call IRS to confirm (1.800.829.1040).

By: jack ryka

jack ryka — Fri, 09 Apr 2010 13:26:26 +0000

Trying to fill out the Insolvency Worksheet. What do I put in for “interest in a pension plan”. (I have NYS teachers pension of 50k/yr and SS of 18k/yr.) Thanks

By: Ron R.

Ron R. — Thu, 01 Apr 2010 05:24:16 +0000

I am trying to fill out the Insolvency worksheet and in the assets section; Residences etc… Do they want the FMV of the property in default? Also, i wouldn’t know what the FMV was as I never saw a figure until I received the 1099-A…….which I was approved on a Deed in Lieu……can you help me with these questions?

Thanks,

By: Shawna

Shawna — Mon, 01 Mar 2010 19:56:30 +0000

Hi – My husband and I just recently married in 2009. We purchase a home and we haven’t owned a home for three years. We thought we qualified for the new home owners credit of $8,000.00….. It turns out, my husbands ex-wife purchased a home in the last three years, and if he was still legally married to her (although separated) WE DON’T GET THE CREDIT!!!!!!

Please advise…….

By: Glenda

Glenda — Mon, 22 Feb 2010 22:19:22 +0000

We are trying to fill out the insolvency worksheet for our taxes. Do we use just the interest from retirement and 401k or the total amount?? Please advise ASAP