gmorin2

Calling the IRS, they tell me if I have settled a credit card debt and plan on filing insolvency, all i need to do is fill in line 1b, 2, and 10. After looking at line 10, I think 10 is the asset? To answer your question, i'm just a taxpayer. i just found this site that has some good info. Only problem about this site is that many "key" terms are four or less letters i.e. form, IRS, 982, 1040 which makes the search invalid: must search for terms greater than 4 letters...

Hi! Background: filing for insolvency. So I have my 1099-C. Made a worksheet of all my assets and liabilites to show my insolvency. After some searching online and the instructions from the IRS Form 982 I have to fill out line 1b (in my case), line 2, and then step 3. Step 3 I have no idea what it means at all. Can someone tell me it in plain terms: 3. Include on line 10a the smallest of (a) the basis of your nondepreciable property, ( the amount of the nonbusiness debt included on line 2, or © the excess of the aggregate bases of the property and the amount of money you held immediately after the discharge over your aggregate liabilites after the discharge. My assets are: Car - 3800, checking account 1200. My liabilites: student loans 19,000, medical 1500, credit card 12,000. Thanks for anyone that responds. Guy M. Bangor <_<