11 March 2011
I remember the first phone call that I received about insolvency exceptions. A taxpayer called to ask me how to protect his daughter who had just been foreclosed upon – she was told to expect a tax bill as a result of the foreclosure. I remember thinking, “Wow, foreclosure? But how?” These were not folks [...]
Read the full article →
29 April 2009
The IRS has updated Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments (for Individuals). I know, you’re thinking “So what?” Well, the “So what?” is the updated worksheet for determining insolvency, found on page 6 of the Pub (and at the bottom of this post). The worksheet is a handy resource for taxpayers who have [...]
Read the full article →
