Oh Baby! Posted February 1, 2008 Report Share Posted February 1, 2008 Are amounts held in an IRA account included when calculating whether the taxpayer was insolvent before and after the debt was canceled? Quote Link to comment Share on other sites More sharing options...
Janitor Bob Posted February 1, 2008 Report Share Posted February 1, 2008 Is amounts held in an IRA account included when calculating whether the taxpayer was insolvent before and after the debt was canceled? I would think so...Since concieveably, they could withdraw from or borrow against IRA to pay off debt. Quote Link to comment Share on other sites More sharing options...
Oh Baby! Posted February 1, 2008 Author Report Share Posted February 1, 2008 I was actually thinking that not, becuase I beleive that they are protected in bankruptcy filings. Quote Link to comment Share on other sites More sharing options...
Janitor Bob Posted February 1, 2008 Report Share Posted February 1, 2008 I was actually thinking that not, becuase I beleive that they are protected in bankruptcy filings. I agree...If Bankruptcy....My opinion was assuming taxpayer had not filed bankruptcy. Quote Link to comment Share on other sites More sharing options...
joanmcq Posted February 1, 2008 Report Share Posted February 1, 2008 Bankruptcy and insolvent are not the same things. If taxpayer is in bankruptcy, no 1099-C income. If insolvent (and I think retirment accounts are included) then no income. Quote Link to comment Share on other sites More sharing options...
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